Politics & Government
Peabody Mayor Proposes 4.5% Tax Hike For Single-Family Homes
City Council will consider the increase, which is $195 for the average homeowner, at 6:30 on Thursday.
PEABODY, MA -- Mayor Ted Bettencourt is recommending a residential property tax rate of $11.01 per $1,000 of assessed value and a commercial property tax rate of $23.69 per $1,000 of assessed value. City Council will set the tax rate when it meets on Thursday. While the proposed tax rates would be lower than this year, rising property values mean most property owners will see an increase in their Fiscal 2019 tax rates.
If Council accepts Bettencourt's recommendation, the average single-family homeowner would 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.
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Dave Copeland can be reached at dave.copeland@patch.com or by calling 617-433-7851. Follow him on Twitter (@CopeWrites) and Facebook (/copewrites).
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