Shrewsbury elected officials pass new tax rate as local housing market booms

0

SHREWSBURY – Shrewsbury had the region’s lowest residential tax rates in 2021 compared to neighbors Natick, Grafton, Northborough and Westborough.

This is according to comments from a public hearing with lead assessor Ruth Anderson and the assessment board held within a deadline Selection Council meeting on November 9.

Shrewsbury’s residential tax rate was $ 13.19 in 2021. The average tax bill for single-family homes was $ 6,355.

Selectmen has since adopted a new tax rate for fiscal 2022, setting the residential tax rate at $ 14.11. This will result in an estimated average tax bill for single family homes of $ 7,382.56.

“I am very upset that my taxes at Grafton are higher than at Shrewsbury,” Anderson said.

His presentation showed that Grafton’s tax rate in 2021 was $ 17.18. Westborough’s was $ 18.54. Northborough was $ 17.12. Natick, who Anderson said was demographically similar to Shrewsbury, had a tax rate of $ 13.61.

Selectmen praised Anderson’s report.

“It was an excellent report – very comprehensive and clear,” said President John Samia.

Rising estimates for single and multi-family homes

Overall, property values ​​in Shrewsbury increased 7.47% over the past year.

While the value of commercial properties has been hit in Shrewsbury, the value of single-family homes, condominiums and multi-family homes has increased.

According to Anderson’s presentation, the value of commercial properties specifically fell by 0.7 percent.

“Commercial and industrial properties have been affected during COVID, and this is reflected in their values,” Anderson said.

On the industrial side, his presentation indicated that the value increased by 3.84 percent.

Selectman Beth Casavant asked if trade measures have declined due to the closure of companies like Bed, Bath and Beyond and Pier 1.

Anderson said those closings were part of the decrease, but added that there was a large plot that had been assessed as commercial that had also entered the state’s Chapter 61 program.

According to Anderson, Shrewsbury added 12 single-family plots, 38 condominiums and two two-family plots.

Single-family home values ​​rose 8.73 percent, and condominium values ​​rose nearly seven percent, according to Anderson’s presentation.

Anderson said the values ​​are based on the market.

The average selling price of a single-family home is up almost $ 100,000 from 2019 to $ 582,670. Anderson said the properties were selling for almost 105% of their asking price.

For condominiums, properties were selling at just over 102% of demand. The average selling price was $ 373,043.

“The Shrewsbury Market is, for lack of a better term, becoming gangbusters,” Anderson said.

The value of multi-family properties has increased by about 11%, which Anderson says is due to the development of Edgemere in town.

RELATED CONTENT:

Shrewsbury’s Edgemere Drive-In cinema enters a new era (communityadvocate.com)

Report presents ideas for revitalizing downtown Shrewsbury (communityadvocate.com)

Shrewsbury Planning Council gives green light to Edgemere Crossing in Flint Pond – Community Advocate


Source link

Share.

Comments are closed.