While the average tax bill for a single-family home in the city has climbed more than 5 percent in fiscal ’13, an increase in residential exemption will help Boston residents alleviate the burden.
The average tax bill for a single-family home spiked to $3,480, marking a $175 increase over the previous fiscal year, while the residential tax exemption for owner-occupied properties, rose to $1,724.47 from $1,644.28 last year.
The residential tax rate rose to $13.14 per $1,000 valuation – an 0.8 percent increase above last year’s rate of $13.04 – as the commercial tax rate grew by 0.1 percent, or $0.04, to $31.96.
These modifications are reflected on third-quarter tax bills, which were mailed in December and are payable Feb. 1.
For fiscal ’13, the city’s total taxable value rose to $92.2 billion – an increase of $3.7 billion, or 4.2 percent, from the previous year. Residential value increased by $2.6 billion or 4.6 percent, while the commercial property value rose $1.1 billion or 3.5 percent, including new growth.