Politics & Government
City Council Approves Peabody Property Tax Hike
The average homeowner will see their tax bill increase by $194 next year, thanks to the hot housing market.
PEABODY, MA — Peabody City Council approved a residential tax rate of $10.74 per $1,000 of assessed value for next year on Tuesday, down from $11.01 this year. But the average Peabody homeowner will see their property tax bill go up $194, or 7.1 percent, thanks to a hot housing market that is pushing up home values. City Council also approved a commercial property tax rate of $22.89 per $1,000 of assessed value, down from $23.69 this year.
The wide range of commercial properties in Peabody makes it difficult to find an "average." But revenue is down at the Northshore Mall, Peabody's biggest property tax payer.
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