Marblehead property owners will pay more in taxes in the fiscal year 2023, if the Massachusetts Department of Revenue approves tax rates that the Select Board adopted on Nov. 30.
The Select Board approved a single tax rate of $10 per $1,000 valuation for commercial and residential property owners. That’s down 52 cents over the fiscal year 2022, but owners would pay more in taxes due to rising property valuations.
The tax bill for the average single-family home tax bill would go up by 3.7 percent, roughly $370, to $10,305.
The assessed valuation of the average family home surpassed $1 million, rising by $86,050, a 9.1 percent increase over FY2022’s $944,416.
Meanwhile, the assessed value of Marblehead’s total taxable real and personal property rose $657.3 million, which represents an increase of about 9.1 percent from $7.2 billion in Fiscal Year 2022 to $7.9 billion in Fiscal Year 2023.
By setting a single tax rate, the Select Board elected not to shift a disproportionate share of the tax burden on either commercial or residential property owners.
The board also rejected the adoption of an open-space discount, a residential exemption or a small-commercial exemption.