Selectmen Vote to Keep Dual Tax Rate
The Selectmen voted last night to keep the dual tax rate along with a 1.14% increase in property taxes
The Wrentham Board of Selectmen voted 5-0 last night to maintain the dual tax rate policy they have used since 2004 and keep a 10% small commercial tax exemption.
The 1.14% shift for the next fiscal year represents a similar move that the board did last year when addressing the issue. While going with a 1.15% or 1.16% increase was also discussed, the initial shift was used as Chairman Joe Botaish noted that he was comfortable with that they did last year.
The rate that was approved for residents was $15.07 per $1,000 valuation while the commercial rate will be $17.88 per $1,000 valuation. This year the the rates were $14.43 for homes and $17.06 for commercial business.
The new rates represent a $62 increase in property taxes for a median-valued home in Wrentham.
The slightly higher taxes for commercial businesses was designed to keep some of the tax burden off of homeowners while also looking long term at the potential tax revenune from any future development of Route 1 that may happen.
"Not that I want business to get hit hard or anything, but I think that it helps keep a balance going also knowing that if anyone's hurting the most, seems like home owners at the moment," Selectman Charles Kennedy said.
The town will also keep the 10% small commercial tax incentive that exempts 10% of a businesses' value from being taxed if the company has less than 10 employees or is valued at under $1 million.