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Wakefield

Property tax rates approved, up from last year

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The state Department of Revenue recently approved the fiscal 2013 property tax rates set by the town. The residential rate is $12.29 per $1,000 valuation, up from $11.90 per $1,000 in fiscal 2012. The commercial rate is $24.96 per $1,000, up from $24.19 per $1,000. The town set the rate after selectmen at their annual tax classification hearing Nov. 26 decided to maintain the town's policy of having a split tax rate and to continue to adopt the maximum allowable shift of the residential tax burden onto businesses. Under that shift, businesses pay 75 percent more than if there were a single tax rate. Based on the new residential rate, the owner of an average single-family home valued at $401,600 would pay a tax bill of $4,936 in fiscal 2013, or $166 more than the $4,770 the owner of an average single-family home valued at $400,800 would have paid in fiscal 2012, according to Victor Santaniello, the town's chief assessor.

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