The new year doesn’t only bring new resolutions, it also brings a new tax rate for the cities and towns of the Pioneer Valley. Holyoke, Easthampton, and Wilbraham were in the news recently as they set their respective real estate tax rates, also known as the mil rate. Real estate tax rates are per $1,000 of assessed value, which should not be confused with market value.
Masslive.com reported that Holyoke’s city council set the city’s residential and commercial tax rates at $19.05 and $39.75, respectively. This raised the rate for residences and lowered it for commercial properties. Last year the tax rate for a residence was $18.35, and $39.97 for commercial properties.
Most Pioneer Valley cities and towns have a single tax rate for residential and commercial properties, however.
City councilors also raised the tax rate in Easthampton, from $14.51 to $14.86 with a slight rise in property valuations, according to Masslive.com. They also reported that the new rate, “includes the cost of the new high school, which voters supported in a debt exclusion override and will pay for over 20 years.”
The board of selectmen in the town of Wilbraham raised their tax rate on decreasing home values, according to Masslive.com. They raised their rate from $19.66 to $20.44. Average assessed home values decreased from $275,000 to $270,700. Wilbraham also has a single tax rate for both residential and commercial properties.
Last month I reported that Amherst’s property tax rate rose 58 cents, from $20.39 to $20.97. Belchertown’s tax rate rose from $17.11 to $17.72.
Click here for a complete list of the tax rates for Pioneer Valley towns.
If you are planning on buying or selling a home in the Pioneer Valley, make your first call to Michael Seward at 413-531-7129. Michael Seward is a Certified Residential Specialist, a Certified Buyers Agent, a Certified Loss Mitigation Specialist, a Certified New Homes Specialist, and Green designee of the National Association of REALTORS®.