At their public hearing on October 29, the Reading Select Board arrived at several important determinations regarding tax rates for Fiscal Year 2020.
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 $1,650 off of their FY 2020 property taxes. All told, 181 seniors were eligible to receive our local exemption and will save almost 20% off of their FY 2020 tax obligation. Those that did receive the exemption will see it applied, in equal installments, on their tax bills due February and May of 2020.
Once again for Fiscal Year 2020, 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 2020 tax rates which have been approved by the state’s Department of Revenue:
FY 2020 Residential Tax Rate: $13.95
FY 2020 Commercial, Industrial & Personal Property Tax Rate: $14.20
The Average Single Family assessed value rose 5.4% to $627,100 and the average single-family tax bill for FY 2020 is estimated to be $8,748. Commercial property values increased 3.6% to an average value of $1,707,000 and an estimated average tax bill of $24,239.
The Fiscal Year 2020 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.
The Fiscal Year 2020 Street Listing will be available at our office, the library and online at readingma.gov/assessor
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 readingma.gov/assessor/pages/exemptions