At their public hearing on October 16, the Reading Select Board arrived at several important determinations regarding tax rates for Fiscal Year 2019.
Most notably the Select Board established the amount of the Reading Senior Circuit Breaker Property Tax Relief Program at 150% of the individual’s income tax credit. Seniors who qualified for the maximum amount will receive $1,620 off of their FY 2019 taxes. All told, 174 seniors were eligible to receive our local exemption and will save almost 20% off of their FY 2019 tax obligation. Those that did receive the exemption will see it applied, in equal installments, on their tax bills due February and May of 2019.
Once again for Fiscal Year 2019, the Select Board slightly shifted the tax burden by 1.02% to the commercial, industrial and personal property sector to assist with funding our Reading Senior Circuit Breaker Property Tax Relief Program. This shift resulted in the following FY 2019 tax rates which have been approved by the state’s Department of Revenue:
FY 2019 Residential Tax Rate: $14.23
FY 2019 Commercial, Industrial & Personal Property Tax Rate: $14.48
The Average Single Family assessed value rose 6.2% to $594,600 and the average single-family tax bill for FY 2019 is estimated to be $8,461. Commercial property values increased 4.3% to an average value of $1,648,100 and an estimates average tax bill of $23,864.
The Fiscal Year 2019 tax bills will be mailed before the end of December. For those taxpayers wishing to pay before the end of the year, feel free to contact the Office of the Tax Collector at 781-942-9023 later in December for details.
Statutory Exemptions are available to those individuals that meet certain criteria. Persons that may qualify for an exemption include service-connected disabled veterans, blind persons, surviving spouses, and seniors. Information and applications for exemptions can be obtained at our office or online at www.readingma.gov/assessor/pages/exemptions