HUDSON – The average single-family homeowners may see an increase in their tax bill of just over $300.
During a tax classification hearing Dec. 5, Board of Assessors Chair Brian Bowen presented the proposed tax rate to the Select Board.
The board unanimously adopted a $14.60 tax rate for residential properties and a $28.88 tax rate for commercial properties. For single-family home owners, this translates to an average tax increase of 4.4%, or $305.94, for fiscal year 2023.
In 2022, the average bill for single-family homes was $6,968 but that is projected to increase to $7,274.
During the hearing, Bowen presented the adoption of a single tax rate of $16.50, which means residential and commercial and industrial properties would have been taxed the same tax rate.
However, the Select Board ultimately opted against it and adopted a split tax rate.
Board Chair Scott Duplisea said he believes the adoption of a single tax rate is “difficult to decide” because many people have fixed incomes and he does not want to “shift more of the burden” on residents.
“The board, for as long as I have been on, has always voted for the minimum residential split tax rate,” Duplisea said.
Similar to other communities in the region, the value of single family homes increased over the past year.
According to Bowen, the average single family home is valued at $498,197 as of Jan. 1 compared to the average value of $439,328 Jan. 1, 2021. This amounts to a 13% increase in residential values.
“The values have significantly increased over the last couple of years,” he said.
Additionally, the value of commercial and industrial properties went up by 9%.