Town Taxes Set To Rise 3.4%

Lynnfield home and business owners can expect a 3.4 percent property tax increase in FY 2012, although this figure still requires certification from the state's department of revenue.

Town Administrator William Gustus explained the details at Monday night's selectmen's meeting.

For fiscal year '12, the assessed value for single-family homes in town was down 1.7 percent from just over $2 billion to about $1.97 billion. From FY '11 to FY '12, the average single family home assessed value fell 2.2 percent, from $527,219 to $515,563.

For residential properties, the FY '12 tax rate would be $14.26 per $1,000, up from $13.49 last year. This amounts to, on average, an increase of $240 per household and an annual tax bill of $7,352.

Lynnfield's combined commercial property value now stands at about $185 million, and this category also saw a 1.7 percent drop over the past fiscal year. The 138 parcels of commercial property in Lynnfield are set for a tax rate of $15.56 per $1,000 - average increases of $689 per parcel and an average tax bill for the year $20,651.