The City of Boston has raised property taxes by 2% for fiscal year 2012 — which is the maximum allowable increase under Proposition 2 1/2. The 2012 tax rate rose to $13.04 per thousand valued, which is a $.25 increase from 2011. Boston Commercial Property taxes also rose 3% to $31.92 per thousand valued.
With nearly 70% of Boston’s budget funded by property taxes, the 2012 tax increase will bring the city $75 million of additional revenue. Property taxes can be raised annually by either an increase in the tax rate or increase in the assessed value. Residential tax rates have increased over the past 3 years while assessed values (for the most part) have remained the same.
Posted By: Dave Costello