Wakefield Property Taxes Go Down, But Rising Home Values Mean Bigger Tax Bills

WAKEFIELD, MA — Increased housing values mean homeowners will be paying more despite lower tax rates.

Residential tax rates for fiscal year 2022 will be $12.32 per thousand for residential properties and $23.77 for commercial, industrial and personal properties.

While the residential tax rate fell by 41 cents, it was more than offset by a 7.6 percent increase in home valuations. The average single-family home valuation rose from $588,200 to $633,300.

The town said the average sale price for a single-family home in Wakefield increased from $598,663 to $643,717 from 2019 to 2020, while lasting 27 days on market — eight fewer days than the year prior.

The town's assessing office uses 2020 sales to evaluate most residential sales and 2019-2020 for other classes.

The CIP tax rate fell by 90 cents, but commercial and industrial properties rose 4.8 percent.

This upcoming fiscal year will still carry with it the debt exclusion for the Galvin Middle School, adding $2.4 million to the tax levy, adding $291 to the average single-family tax bill.

The town in a release said residents will save an average of $836 thanks to Town Council selecting the lowest residential factor available. It also said 249 seniors benefited from the Wakefield Senior Discount exemption, reducing their tax bills by almost 15 percent. You can read more about available tax exemptions here or call 781-246-6380.