Impact of overrides on Marblehead’s tax rate
By a vote of nearly 3 to 1 this week, Marblehead voters authorized an additional $8 million for the landfill capping and transfer station projects.
What does this mean for Marblehead’s tax rate?
According to Town Administrator, John McGinn, Marblehead is likely to borrow the necessary funds in the short-term, with interest deferred for about a year.
Impact on tax rate
FY16 (July 1, 2015-June 30,2016): no impact. My estimate for FY16 remains at $10.65.
FY17 (July 1, 2016-June 30,2017): impact “less than 10 cts on the tax rate”
FY18 (July 1, 2017-June 30,2018): 10 cts on the tax rate
The estimated cost for a median SFH will be just over $50 per annum for 20 years.
Note that the vote this week was for a debt exclusion, which is a temporary increase, and does not become part of the general tax base, unlike a general override, which does.
Read my How your property taxes are calculated article for a primer on property taxes, including a breakdown of my estimate for FY16 which will be announced in November.
If you – or somebody you know – are considering buying or selling a home and have questions about the market and/or current home prices, feel free to contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com.
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
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