Board of Selectmen to Set 2014 Tax Rates This Week

Home values remain relatively stable in Danvers, experiencing slight ups and downs the past three years after four years of steady declines.

According to town assessors, the average single-family home in town is worth $350,000, based on sales data as of Jan. 1, 2013. Average condo values also returned to $220,000 after dipping to $212,000 the year before and average commercial and industrial properties are at $1.3 million, fluctuating slightly in recent years.

Reassessments of property values are required every three years under state law, but Danvers does annual interim updates as well. Chief Assessor Marlene Lock reports that this year's analysis of property sales showed no adjustments were necessary for most properties in town.

Forty percent of condos, however, did see value adjustments for Fiscal 2014 -- 30 percent decreased and 10 percent increased. In total, there was a net uptick of 1 percent in overall value. Net taxable property value is at $3.93 billion.

In the meantime, town spending continues to increase -- FY14 was a 2 percent increase after about 3.5 percent increases the previous three years -- which generally equates with higher property taxes.

It's now up to the Board of Selectmen to set the tax rates for Fiscal 2014 and determine how much of the tax burden homeowners will bear versus commercial property owners.

The town utilizes a split tax rate, otherwise known as Tax Classification, and selectmen set the ratio at 1.26 in 2010 and left it there. Currently, residential property owners pay $14.54 per thousand of valuation and commercial and industrial pays $20.23.

If selectmen were to keep things the same again, assessors say that would mean a residential rate of $14.97 with an average single-family tax bill of $5,240.

Any likely increase for 2014 will also be offset by about $900,000 generated from new tax growth in both residential and CIP properties.

The annual tax classification hearing is scheduled for Nov. 19 at 7 p.m. in the Daniel Toomey Room at Town Hall.