December 2021
Our annual classification hearing with the Select Board was held on October 26. This public hearing is a requirement of Massachusetts General Law and necessary in order to establish tax rates and send tax bills in a timely manner. Classification was adopted by the Select Board and subsequently approved by the state’s Department of Revenue. Our fiscal year 2022 tax rates will be:
$13.33 Residential and $13.55 Commercial / Industrial / Personal Property (CIP)
Our department engaged in a state-mandated 5-year complete revaluation of the Town for fiscal year 2022 using calendar year 2020 sales as a basis for most residential sales and 2019-2020 for other classes where there were too few sales to analyze. The average single-family home valuation increased from $657,300 to $702,600, or 6.9 percent, Condos rose an average of 5.4 percent, and Commercial and industrial properties rose 4.7 percent for the same period.
Data obtained from MLS Property Information Network, Inc. indicated that the average sale price for a single-family home in Reading increased from $664,451 to $708,315 from 2019 to 2020 while days on market went from 40 to 30 days.
Once again, the Select Board selected a residential factor to offset the cost of the Reading Senior Discount, now in its fifth year. Because of the Reading Senior Discount this year, 226 Reading seniors qualified and many were able to see their tax bills reduced by almost 20 percent. Please do check our website listed below for additional details.
The average single-family value for fiscal year 2022 is $702,600. Although the residential tax rate was lowered, increased housing values contribute to the overall tax bill increase of $276, for an average total of $9,366. Since 2007, the average annual single-family tax bill increase has been 3.5 percent. The commercial tax bill is expected to average $24,417.
Property owners must be mindful that the assessments they see on their tax bills due February 1, 2022, are reflective of real estate market activity during 2020. Assessments are one year behind today’s market and sales activity from 2021 will be used for assessments next year as required by state law.
Shortly after the tax bills are mailed in December, assessment information will be updated on our website where you find additional forms and information which is of interest to property owners. 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.
EXEMPTION NEWS
Just a quick note to our statutory exemption recipients that may have forgotten to file their paperwork; there is still time, so please stop by our office. If you are wondering whether you may be eligible for any of the following exemptions, please give us a call at 781-942-9027 for details.
Senior exemption 65+, service-connected disabled veterans, surviving spouse, blind or tax deferral. All statutory exemptions are subject to various qualifying criteria.
