FRAMINGHAM – The average homeowner in Framingham could see their property tax bill increase by about $350.
The main reason for the increase is a 10% increase in property values for residential properties.
The City of Framingham has a split tax rate, in which businesses pay a higher rate.
UPDATED: The 11-member City Council was expected to vote on the split tax rate percentage at its meeting on Tuesday, November 15, but has postponed the vote until Tuesday, November 22.
The current residential tax rate is $13.74 per $1,000 valuation.
The proposed rate is $13.06 per $1,000 valuation.
But again, even with the drop in the rate, homeowners will see an increase in their bill, due to the rise in real estate property values.
The tax bill for the average residential property owner is proposed to increase by 5.19%.
That means the average tax bill would increase to about $7,096.
The median single family home in Framingham is $498,800. That tax bill would be about $6,500.
According to a presentation,
Residential properties increased by 10.2%
There are roughly 19,085 residential parcels in the City including, 13,533 single family homes and 3,315 residential condominiums.
Commercial properties increased by 8.7%. There are roughly 854 parcels.
Industrial class values increased by 7.7%. There are 108 industrial parcels in the City.
There is a public hearing on Tuesday night, November 15 at 7 p.m. to discuss the tax rate, and it closed last night.
The hearing will be held at the Blumer room in the Memorial Building. It is a hybrid meeting which means the public can also comment via Zoom.