2023 Tax Rate Fun in the 'Burbs

 No time like the present - almost exactly 1/2 through 2023 - to take a look at the 2023 tax rates vs. those in 2022. The chart to the right provides a recap of the 2023 - and 2022 - tax rates in 25 Massachusetts towns/cities, including Weston, Wellesley, Wayland, and the surrounding area.

 

The 2023 average residential tax rate in these towns and cities is $12.95 per thousand, which is down an average of $0.95 from 2022. In fact, all of the tax rates in this sample went DOWN across the board - something I’ve never witnessed in my many years in the business. As a side note, keep in mind that generally, it’s a give and take with property taxes so if the tax rate goes down, the assessment usually goes up.

 

Of the 25 towns and cities, Sherborn, at $18.01 per thousand, has the highest tax rate, and Brookline, at $9.97 per thousand, has the lowest tax rate. The biggest decrease was in Carlisle, which was down $2.35 from 2022, followed by Sudbury, which was down $2.28 from the prior year.

 

So what does this all mean for you? Well honestly, not that much. If you are buying a home, the tax rate is not usually a determining factor in which town you choose to live. Perhaps it might come into play if you are on the fence between two towns, and there is a striking difference in the tax rates. But even then, likely not. And on the same note, if you are selling your home, the tax rate is probably not one of the compelling reasons why you’re doing so. After all, you bought your house knowing the town’s tax rate. That being said, if the tax rate increased alarmingly over the years, that’s a different story.

 

 

What are your thoughts on this subject? Did the tax rate of your town influence your decision when you were buying or selling your home? Did it play a role at all? Look forward to hearing your thoughts.