Selectmen Approve Increase in Property Tax Rate

Residents in Easton will see a slight increase in their taxes next year.

On Monday, the selectmen voted to change the property tax rate from $16.65 per $1,000 of assessed value to $16.78.

According to Chief Assessor Robert Alford, property values did increase in the past year. The value of individual homes increased by two percent, condos are up three percent, and two to three family homes are up by about four to six percent.

The overall value of the town increased by $88.3 million.

As in previous years, the tax rate will remain a single rate rather than a split rate between residential and commercial seen in other local communities. It was recommended that Easton use a split tax rate only if commercial and industrial properties make up at least 20 percent of the town’s property value. Currently, non-residential properties represent 14 percent of the town’s property value.

“If we shift it it will place an undue burden on the businesses because we don’t have enough business,” Selectman Colleen Corona said.

The percent of commercial properties did slightly decrease from about 14.17 percent last year to 14.01 percent this year.

The formula for setting the tax rate is the amount to be raised divided by the valuation base times 1000.

The amount that the town is allowed to raise under Prop 2 ½ is the constant in the formula. If values are high, the rate is proportionately lower; and if values are lower, the rate is proportionately higher. The Town must raise the amount voted by town meeting regardless of whether values rise or fall.