DARTMOUTH — During a tax classification hearing Monday, the Select Board unanimously approved to increase the percentage to 1.47, up from last year’s 1.44, and keep the 10 percent exemption for small businesses.
This means the residential tax rate is expected to be $9.73 per $1,000 of valuation, while the commercial and industrial rate is expected to be $15.87 per $1,000 of valuation, according to numbers provided by town officials.
Furthermore, at $9.73, for the median residential home assessed at $309,600, the annual taxes for Fiscal Year 2018 would be $3,012.41, or an increase of $116.96. Commercial and industrial property assessed at $493,900 would have annual taxes of $7,838.19, or an increase of $92.73.
Last year the median residential home assessed at $298,500 had a rate of $9.70 per $1,000 of valuation while commercial and industrial property assessed at $501,000 had a rate of $15.46 per $1,000 of valuation. Last year, annual taxes on a $298,500 home was $2,895.45 while annual taxes on a $501,000 commercial and industrial property was $7,745.46
According to Greg Barnes, director of budget and finance/treasurer, it should be noted that these rates do not include the fire taxes, which are set by each of the three fire districts in town.
“Bang for the buck, you guys have it,” said Richard Gonsalves, administrator of assessing, after comparing last year’s rates in Dartmouth to last year’s rates in surrounding towns.
“Dartmouth is good on the residential rate as well as the commercial,” he noted.
Chairman Frank Gracie III suggested an increase between 1.47 and 1.48 while 1.50 is the maximum the state allows the town to go up.
Board member Stanley Mickelson agreed on 1.47. “I think it’s the fairest of all of the options,” he said.
According to Gonsalves, the overall new growth for Fiscal Year 2018 is $822,352, which is down from last year’s $842,857.
“In my estimation, it was excellent,” Gonsalves said.
Follow Aimee Chiavaroli on Twitter @AimeeC_SCT.