Most of us have seen big increases in the assessed value of our properties, and many are worried that this will result in proportionately big increases in our local taxes. However, the rise in property values does not necessarily lead to a rise in local taxes.

The town’s budget was approved by voters on town meeting day, and this represents, with minor adjustments, the amount the town will have to collect in taxes. At the end of the fiscal year, the town will calculate a tax rate that allows us to fund that budget. The amount each of us pays is based on the assessed value of our property multiplied by that tax rate. If assessed values go up, it doesn’t change the amount we need to collect, so the town will then use a lower the tax rate in order to collect the same amount of money.

Reminder, we don’t control State Education taxes. The amount paid by each individual will change depending on how much your assessment has changed. A doubling of your assessed value does not mean your taxes will double! For more details, click here.