Swampscott’s tax rate goes down – and so do tax bills!!
Swampscott’s residential tax rate for 2018 has been set at $16.00, down from $17.45 and the average single family tax bill will actually decline by $153, with some 74% of the town’s residential parcels seeing a reduction in the total tax bill.
There are three reasons for the tax relief: new growth, including Hanover Vinnin Square; the use of free cash to reduce the levy; and a reduction in debt service, which may be temporary with a number of new projects “coming down the pike.” Additionally, the average single family assessment increased by 7%, something that reduces the tax rate.
The commercial tax rate will also drop, from $32.30 to $28.83, as the Board of Selectmen voted to reduce the loading from 175% to 170%.
I will issue a fuller report will be published this weekend. Meanwhile, here is a link to an article in the Lynn Item: Swampscott homeowners get tax break.