Nahant taxes up, revenue down

NAHANT – The tax rate has increased but the town expects to receive less in property tax revenue than it did during the last fiscal year.Assistant Assessor Sheila Hambleton said lower property values would result in a decrease in the amount of property taxes paid to the town this fiscal year.Hambleton pointed out the average home value has declined resulting in lower assessed values, which means some residents could see a decrease in property taxes when they receive their bill.”Property assessments in town have dropped 3 percent overall,” she said. “On Jan. 1 each year every community is supposed to review and analyze their sale market in order to set an accurate assessment rate.”The tax rate in town has increased from $8.33 per $1,000 of assessed value in Fiscal Year 2008 to $8.53 per $1,000 for the current fiscal year. Despite the 20 cent per $1,000 of assessed value increase, the town expects to receive less in property tax revenue than it received in FY’08. Hambleton said in FY’08 the town raised $7,215,168 through property taxes and for FY’09 it expects to raise $7,212,381 despite the increase in the tax rate.The decrease in assessed values is good news for some residents, who could see a decrease in their annual property taxes due to lower assessed values.Hambleton said property taxes are billed by fiscal year, which runs from July 1 through June 30, and not by calendar year. She said the first semi-annual tax bill for this year is due Nov. 1.Hambleton said abatement exemption applications for the blind, elderly, disabled and qualified veterans are available in the Assessors Office in Town Hall and online at www.nahant.org. Abatement exemption applications are due by Dec. 15.Hambleton urged anyone who has not filed for an abatement in previous years to call her office at 781-581-0212 and make an appointment.