Tax Rate Set at Same as Last Year: $15.73
This year's tax rate will stay the same. Town officials report that valuations have gone up less than one percent.
The Board of Assessors and the Board of Selectmen held their annual tax classification hearing on Tuesday night at which they voted to keep the tax rate the same as last year -- a single tax rate of $15.73 per $1,000 valuation.
The rate is effective for the current fiscal year (July 2012 to June 2013).
The Town Treasurer will send out the tax bills before Dec. 31 and they will be due by Feb. 1, 2013. Last year, the bills were out before the end of the year.
"I think that is a good practice, so residents do have that option and flexibility to pay it in 2102 if they chose," said Selectman Osler "Pete" Peterson, noting that property value assessments went up less than one percent this year.
The town opted to stay with a single tax rate, and not charge a higher tax rate on commercial and industrial properties, for fear of driving the businesses out of town, Peterson said.
"A split (higher) rate for commercial only makes sense when the commercial tax base approaches 20 percent, as otherwise the residential owner gets minor savings versus dramatic increases for the commercial payer, with the fear of driving that commercial property owner out of town," said Peterson recalling a story of a utility company operating in a town that adopted the split rate and quickly moved out of that town.
Medfield has 94.2 percent residential property, 3.2 percent commercial, 1.2 percent industrial, and 1.4 percent personal property.