BEVERLY — Property taxes for the average single-family home in Beverly will go up $222 in fiscal year 2023, an increase of just under 3% increase, according to the city.
The city assessor’s office released the information this week as part of the city’s annual tax classification process. It showed that the average single-family home in Beverly is now valued at $683,200, while the median single-family home is valued at $579,000, about an 11.2% increase for both.
The projected property taxes for those two categories are $7,693 for the average single-family home and $6,520 for the median.
Chief Assessor Peter Caron told the City Council that for the second year in a row the city will not be taxing up to the limit allowed by law.
“By doing that we’ve kept the average single-family bill increase under 3%,” Caron said. “You’ll find a lot of cities and towns are looking at a lot higher increases for the single-family homes.”
Councilors voted 9-0 to accept Mayor Mike Cahill’s recommendation for how to allocate the tax burden between residential and commercial/industrial properties. Cahill and the assessor’s office recommended a 1.75 “shift” of the tax burden to commercial/industrial property owners in order to help reduce the tax burden on homeowners, whose property values have risen at a faster rate.
The new tax rates will be $11.26 per $1,000 of property value for residential and $22.07 for commercial/industrial property.
Property taxes for the median commercial/industrial property will go up $19, according to the assessor’s office.
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Staff Writer Paul Leighton can be reached at 978-338-2535, by email at pleighton@salemnews.com, or on Twitter at @heardinbeverly.
