Politics & Government
Peabody City Council Approves 4.5% Tax Hike
While the tax rate is lower, rising property values mean most homeowners will pay more next year.
PEABODY, MA -- City Council accepted Mayor Ted Bettencourt's recommendation to raise property taxes for most Peabody homeowners by a vote of 8-3 Thursday. Councilor-at-Large Ann Manning-Martin, Ward 5 Councilor Joel Saslaw and Ward 1 Councilor Jon Turco voted against the proposed tax rate of $11.01 per $1,000 in assessed value for homes and $23.69 for businesses.
While the proposed tax rates are lower than this year, rising property values mean most property owners will see an increase in their Fiscal 2019 tax rates. The average single-family homeowner will see a $195, or 4.7 percent, tax hike to $4,336. The average commercial property tax bill will increase $858, or 2.5 percent.
The value of single family homes in Peabody rose 8.9 percent this year, with an average of $393,000.
Find out what's happening in Peabodyfor free with the latest updates from Patch.
Subscribe to Peabody Patch for more local news and real-time alerts.
Patch file photo via Shutterstock.
Find out what's happening in Peabodyfor free with the latest updates from Patch.
Dave Copeland can be reached at dave.copeland@patch.com or by calling 617-433-7851. Follow him on Twitter (@CopeWrites) and Facebook (/copewrites).
Get more local news delivered straight to your inbox. Sign up for free Patch newsletters and alerts.
