Gary McCabe, Chief Assessor for the Town of Brookline told the Board of Selectmen that the total assessed value of property in Brookline has risen from $15.26 billion from the last fiscal year to $15.5 billion for the fiscal year 2013. The taxe rate will also rise by four percent.
The Selectmen now have to vote on what the impact of the tax burden is going to be on businesses and homeowners for 2013. McCabe presented a Powerpoint at the Selectmen Meeting on November 27, which laid out the town budget, as voted on at Town Meeting. Sixty-nine percent of the budget is made up of property taxes.
“What it (the Selectmen’s decision) comes down to is what the tax rate will be, current vs. prior,” McCabe said. For the fiscal year 2012, the tax rate on a homeowner was $11.40 for every thousand dollar and the commercial rate was $18.58.
McCabe said that the Selectmen will decide how to set the tax burden between residential and commercial property. “People want to know if their rate is going to change and if so, how much,” McCabe said. Residential rates could increase from anywhere from $11.63 to $11.69 for every thousand dollar.
McCabe said that businesses would be the most impacted by a change in the tax rate. The Selectmen will vote on this issue next week. The selectmen will also consider the adoption of certain class exemptions, including the residential exemption.