BBJ – Lowell Property Tax Increase 3% in 2016

According to today’s Boston Business Journal:

As of this week, the state’s Department of Revenue had published newly approved property-tax rates for 341 of the commonwealth’s 351 municipalities, 94 percent of those communities are preparing to stick homeowners with an average tax hike in the range of 3.5 percent. No doubt similar increases are on the way for commercial property owners, although the state provides less clarity on exactly what the average office, hotel or mall owner pays on an annual basis.

Which is not to say Massachusetts tax rates generally are on the rise. In fact, some 127 communities actually will see residential tax rates decline on a year-over-year basis in 2016. At least 131 cities and towns will see declines in commercial rates. If only tax bills followed suit. Rather, tax rates typically move inversely with property values — meaning if values are on the rise, as they have been for the better part of four years in Massachusetts, rates are likely to fall

The list shows that the “average” tax increase in Lowell will be 3% in 2016.

Municipality Lowell
Statewide rank – Commercial rate 26
Statewide rank – Residential rate 189

COMMERCIAL RATES
Commercial Tax Rate – 2016 $31.22
Commercial Tax Rate – 2015 $32.46
Commercial Tax Rate – 2014 $31.75

RESIDENTIAL RATES
Residential Tax Rate – 2016 $15.16
Residential Tax Rate – 2015 $15.48
Residential Tax Rate – 2014 $15.14

SINGLE-FAMILY TAX BREAKDOWN
Single-family property parcels 11,846
Avg. single-family home assessment $237,369

Average single-family tax bill – 2016 $3,599
Average single-family tax bill – 2015 $3,480
Average single-family tax bill – 2006 $2,634

1-year change in avg. tax bill 3%
10-year change in avg. tax bill 37%

INDUSTRIAL RATES
Industrial Tax Rate – 2016 $31.22
Industrial Tax Rate – 2015 $32.46
Industrial Tax Rate – 2014 $31.75

PERSONAL PROPERTY RATES
Personal Property Tax Rate – 2016 $31.22
Personal Property Tax Rate – 2015 $32.46
Personal Property Tax Rate – 2014 $31.75

Here is how Lowell compares to surrounding Communities:

Screen Shot 2016-01-12 at 4.27.20 PM

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