Selectmen Approve Higher Tax Rate

NORWOOD, MA — Residents will be paying a little more in taxes during the next fiscal year.

Last week, the Norwood Board of Selectmen approved a tax shift of 1.56. That means residential property owners will pay $11.15 per 1,000 sq. ft. of assessed value and commercial and industrial proprietors will be taxed at $22.46 per 1,000 sq. ft.

The figures are an increase over this year’s shift of 1.52 which had residential proprieties paying $11.12 and commercial and industrial properties $21.71.

The shift towards commercial and industrial properties of 1.56 is the highest in the past six years, the board said. The highest shift allowed by the state is 1.58.

According to the Board of Assessors, the value of residential properties went up by about 5 percent, condos and multi-family homes was up 4 percent, and commercial and industrial properties remained unchanged for the most part.

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