Reading Sets 2021 Property Tax Rates

READING, MA — The Select Board shifted the tax burden by 1.02 percent to commercial, industrial and personal properties for Fiscal Year 2021 to help fund the Senior Circuit Breaker Property Tax Relief Program.

At its Oct. 20 meeting, the Board took the program heavily into account when determining the FY 2021 tax rates. The program allows for a 150 percent real estate tax discount based on a person's income tax credit. Seniors who qualified for the maximum amount will receive $1,695 off their taxes in the form of installments, which will appear on their tax bills due in February and May, town officials said.

In Reading, 176 seniors were eligible to receive the exemption and will save close to 20 percent off their FY 2021 tax obligation.

Shifting the tax burden onto other sectors resulted in a residential tax rate of $13.81 per $1,000 of assessed value and a commercial, industrial and personal property tax rate of $14.06 per $1,000 of assessed value in FY 2021.

The assessed value of an average single-family home rose 4.8 percent to $657,300, meaning the average single-family tax bill for FY 2021 is estimated to be $9,077. Commercial property values rose 1 percent to an average of $1,721,800, putting the average commercial tax bill at $24,208.

The state Department of Revenue has certified Reading's 2021 tax rates. Bills are expected to be mailed before the end of December.