Lanesborough Tax Bills to Rise 2.1 Percent, Average Home Values Increase
LANESBOROUGH, Mass. — The tax bill for property owners will increase by an average of 2.1 percent for fiscal 2022, but the average single-family home value increased by $20,400.
The Board of Selectmen held the annual tax classification hearing on Tuesday after being delayed twice due to incomplete paperwork. The board unanimously voted to maintain a single tax rate for the town, estimated to be $19.10 per $1,000 of assessed value, a $1.18 decrease from FY2021.
"Why is the tax rate going down? Well, that's a function of values," said Harald Scheid, the lead assessor for Regional Resource Group. "Valuations are on the increase. We're all aware that property values, especially in the last couple of years, have really surged. I had to account for that in the new assessments."
The average tax bill for a single-family home will be an estimated $4,991, compared to $4,885 last year. The average value of the town's single-family homes rose to $261,300, compared to $240,900 in the previous fiscal year.
"We translate that into tax dollars, and that comes to about $106 average increase," Scheid said.
The town's total value is $453,746,938, representing an increase of approximately $34 million from last year. Residential property accounted for nearly 83 percent of the town's value, with commercial property accounting for about 10.5 percent, personal property accounting for about 5.3 percent and industrial accounting for about 1.2 percent.
Scheid said the town's tax levy for the year is estimated to be $8,444,567, a $173,498 increase from last year.
"Property tax is the single largest source of revenue to fund the town's budget, but not by any stretch the only source," he said. "You have, of course, state aid, you have various and sundry, what we call local revenues and include things like motor vehicle excise and fees have all sorts of varieties. But again, property tax does make up the lion's share of the funds required to fund the town budget."
The town's new growth revenue is $146,723, according to Scheid.
"That's new revenue that's associated with new homes, newly planted lots, and even personal property. New assets for the first time taxable," he said.
Before the board voted, Scheid said the assessors recommended the board keep a single tax rate. He said doing otherwise could put an unnecessary tax burden on the town's businesses.
"Aside from Target and what we have left to assess on the mall, most of the commercial properties in town are characterized as the 'mom and pop' variety, fairly small and often locally owned," he said. "So given that makeup of the tax base, it would take about a 6 percent increase in commercial taxes to yield a roughly 1 percent reduction in residential tax."
Tags: fiscal 2022, property taxes, tax classification,
