Lenox Sets Fiscal 2015 Tax Rates
 The Board of Selectmen opted to stay with the split tax rate. |
The Board of Selectmen held its annual tax classification hearing Wednesday and opted to stay with the split rate.
To fund the 2015 budget, the town needs to raise $14,275,612 in tax levy, which is 1.87 percent more than last year. To do so, the average residential home assessed at about $372,000 will see a 1 percent increase — based on a $12.33 rate.
The average business valued at $961,395 will see a 3.76 percent increase.
Last year's residential and commercial rates were $12.07 and $14.91, respectively.
The town completed its tri-annual re-evaluation this year so some homes may be valued lower, and therefore the tax bills could decrease.
"Some of the properties will experience different increases or decreases," Ketchen said, explaining a scenario he laid out for a residential home that saw a decrease.
Overall, residential values decreased while commercial properties increased, according to Board of Assessors Clerk James Sorentino. And, there has been a 4 percent increase in taxable parcels, he said, which mostly came from Lenox Heights changing models from a co-op to a condominium model.
Overall, the town has $1,108,510,620 in property value to tax.
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"For every $365 you save the residential payer, it costs the commercial payer $3,913," Ketchen said.
Selectman David Roche said the current split helps balance the needs of both businesses and residents.
"This is an equitable balance," he said.
Assessor Scott Pignatelli said there isn't a way to lower the rates — Wednesday's hearing only determined who pays more of the overall burden.
"We raise the money that is spent at town meeting every year," Pignatelli said. "If you want to lower your taxes, go to town meeting and say no."
Ketchen added that town meeting approved a 2 percent budget increase but additional revenues have slightly decreased the amount coming from taxpayers.
"We're slightly outperforming the estimate we gave at town meeting in June," he said.
The state also limits levy increases to 2.5 percent and the town will be some $400,000 under that cap.
Lenox FY15 Tax Classification Hearing
Tags: fiscal 2015, tax classification, tax rate,
