In December, the Board of Selectmen approved an increase to the town’s tax rate in a 5-0 vote.
The new residential rate is set at $11.15 per $1,000.00 of assessed value, which is an increase of $.03 from fiscal year 2016. The commercial rate increased as well, moving from $21.71 to $22.46 per $1,000.00 of assessed value.
“The Board of Selectmen has shifted more of the burden to the commercial rate,” Chairman of the Board of Assessors Timothy McDonough said. “They are allowed to do this by law. This year, they did not go to the maximum shift, so they gave a little break to the commercial properties.”
The figures were calculated by adjusting the Commercial/Industrial/Personal (CIP) rate shift from 1.53 percent to 1.56 percent. For fiscal year 2017, the CIP shift range is between 1.50 percent and 1.58 percent. While the tax rate has increased, McDonough said Norwood’s rate remains lower than the majority of surrounding cities and towns.
“In looking at 19 comparative communities, Norwood’s tax rate is the third lowest, after only Newton, ($11.38) and Braintree ($10.98),” McDonough said.
According to McDonough, assessed property valuations change every year based on property sales from two years ago, which means the new values are based on properties sold in 2015.
“We have a company that looks at all our commercial and residential properties,” McDonough said. “They take all the properties that sold in particular neighborhoods, and look at things like style and location to see where they’re selling higher or lower. [Bills] go higher or lower depending on sales.”
For 2017, the average value for a single family home is $417,785; this is up from $399,580 last year. The estimated single family tax bill this year is $4,658.
The charts below outlines how Norwood’s tax rate has fluctuated over the past few years, as well as how it compares to surrounding areas.
Norwood residential rate Norwood commercial rate
$11.47 (2015) $23.18 (2015)
$11.12 (2016) $21.71 (2016)
$11.15 (2017) $22.46 (2017)
FY2017 Residential Commercial
Westwood $14.57 $28.20
Canton $12.79 $26.34
Sharon $19.62 $19.62
Dedham $14.76 31.36