Lynn assessor: Despite tax shift, abatement rate normal

LYNN – Commercial and industrial properties are bearing the brunt of the tax burden this year, as the weight has shifted from residential properties for the first time in almost seven years.So far, Director of Assessing Peter Caron said he hasn’t seen an inordinate amount of abatements filed.”We’ve had 89 applications for abatements so far,” he said. “But that’s not a lot at all when you consider that we had 83 applications for abatement at this time last year.”Caron said commercial property owners tend to file abatements closer toward the deadline on Feb. 1, mainly because it’s a lengthy process to have an attorney or tax representative file the documents.”In total, we ended up with about 350 abatements last year, so I anticipate about 400 this year,” he said. “It’s still much less than the 990 we received in 1999. Commercial and industrial taxes will most likely stay the same next year because their values won’t change significantly.”The current tax bills, which were mailed to residents and business owners on Dec. 31, 2007, reflect activity as of Jan. 1, 2007, using 2006 sales.On Dec. 18, the Department of Revenue (DOR) approved fiscal 2008 tax rates of $10.98 per single-family homes, up from $10.40 in fiscal 2007, and $21.45 for commercial rates.While the amount is somewhat of a minimal increase for residential tax rates, commercial rates have risen dramatically due to a strong market and rising values.Therefore, commercial properties will cost $1,037 more this year and $1,384 extra for industrial properties.According to Caron, multi-family homes suffered a decline in value, while apartment buildings have not been affected by the real estate crisis.”We aren’t seeing foreclosures on apartment buildings, they are being treated more like business properties rather than residential,” he said. “However the big issue next year will be that taxes will most likely go down on two- and three-family residences because values will drop. So, other taxpayers will have to make up the difference.”However, as of now Caron stressed that current bills need to be paid by 12:30 p.m. on Friday, Feb. 1.”If we don’t receive the payment in time, then too bad,” he said.A second round of bills are set to be mailed at the end of March for the final quarter of the fiscal year and will be due May 1.Commercial property values and multi-family home values can be viewed at www.itemlive.com.