At their public hearing on October 20, the Reading Select Board arrived at several important determinations regarding tax rates for Fiscal Year 2021.
One of the most important components of determining our tax rates is the Reading Senior Circuit Breaker Property Tax Relief Program. The program will allow for a 150% real estate tax discount based on the individual’s income tax credit. Seniors who qualified for the maximum amount will receive $1,695 off of their FY 2021 taxes. All told, 176 seniors were eligible to receive our local exemption and will save almost 20% off of their FY 2021 tax obligation. Those that did receive the exemption will see it applied, in equal installments, on their tax bills due February and May of 2021.
Once again for Fiscal Year 2021, 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 2021 tax rates which have been approved by the state’s Department of Revenue:
FY 2021 Residential Tax Rate: $13.81
FY 2021 Commercial, Industrial & Personal Property Tax Rate: $14.06
The Average Single Family assessed value rose 4.8% to $657,300 and the average single family tax bill for FY 2021 is estimated to be $9,077. Commercial property values increased 1% to an average value of $1,721,800 and the average commercial tax bill for FY 2021 is estimated to be $24,208.
The Fiscal Year 2021 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 2021 Street Listing will be available at our office, the library and online at www.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
If you require any assistance, feel free to call our office at 781-942-9027 and we will be happy to assist both over the phone or in-person if necessary.