News and Notes: FY2024
Wakefield's annual classification hearing with the Town Council was held on November 13, 2023. This public hearing is a requirement of Massachusetts General Law and necessary in order to establish tax rates and send tax bills in a timely manner. Classification was adopted by the Councilors and subsequently approved by the state’s Department of Revenue. Our fiscal year 2024 tax rates will be:
- $11.25 Residential
- $21.70 Commercial / Industrial / Personal (CIP)
Our department engaged in a state-mandated interim revaluation of the town for FY 2024 using calendar year 2022 sales as a basis for most residential sales and 2021-2022 for other classes where there were too few sales to analyze. The average single-family home valuation increased from $701,100 to $756,500. Commercial and industrial properties rose 1.7 percent for the same period.
Data obtained from MLS Property Information Network, Inc. indicated that the average sale price for a single-family home in Wakefield increased from $738,731 to $744,411 (+0.8%) from 2021 to 2022 while days on market decreased from 24 to 22 days.
The Town Council once again chose the maximum allowable shift factor, thereby affording residential taxpayers the lowest possible share of the tax burden allowed under state law.
Fiscal year 2024 also represents the tenth year of the full Debt Exclusion for the new Galvin Middle School. This added $2,720,005 to our total tax levy and conforms to the restrictions of Proposition 2 ½. It adds $0.31 to the residential tax rate or $234 on the average single-family tax bill; $0.59 is added to the CIP tax rate or $879 to an average bill. Also included in this debt issue is $246,332 for costs associated with Wakefield Memorial High School.
The average single-family value for Fiscal Year 2024 is $756,500 with an associated tax bill expected to increase approximately $286 to $8,510. The average commercial tax bill is expected to be $32,320. Since 2006, the average single-family tax bill increase has been 4.93 percent.
Property owners must be mindful that the assessments they see on their tax bills due February 2024 are reflective of real estate market activity during 2022. Assessments are one year behind today’s market, and sales activity from 2023 will be used for assessments next year.
Shortly after the actual tax bills are mailed in December, assessment information will be updated on our website. You will find additional forms and information which is of interest to property owners.
Exemption News
Just a quick note to our statutory exemption recipients that may have forgotten to file their paperwork; there is still time, so please do stop by our office. Want to learn more about exemptions like the Senior Exemption 65+, Disabled Veterans, Surviving Spouse, Blind, or Tax Deferral? Read about the available exemptions or call us at 781-246-6380. All exemptions are subject to various qualifying criteria.
Wakefield Senior Discount
For local seniors, make sure you talk to your tax preparer about the Senior Circuit Breaker Income Tax Credit. If you receive that credit, owned and occupied in the Town of Wakefield for the past 10 years, your co-applicant is at least 60 years of age, and you have no other significant assets, feel free to contact us in July, as the time to apply is August and September.