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UpdatedMon, Dec 14, 2020 at 4:33 pm ET
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(Jenna Fisher/Patch)
NEWTON, MA If you own property in the city, your property taxes are going up again. Newton City Council approved a residential property tax rate of $10.76 for $1,000 of assessed value and a commercial tax rate of $20.12 for $1,000 of assessed value.
Rates ticked upward slightly from $10.44 and $19.92 this year, and most property owners will see an additional increase because of an increased city budget, combined with a debt exclusion override.
The Fiscal Year 2020 budget is $439.5 million, $9.3 million or 2.15 percent greater than the previous budget. The owner of a single-family home assessed at the median value in Newton of $1,055,600 will pay $10,898.316 or about $450 more in property taxes for fiscal year 2020 from last. The owners of a commercial property assessed at the median value in Newton of $1,016,850 will pay $583 more in property taxes.