Nahant taxes rise; property values down

NAHANT – When tax bills go out this fall, the majority of owners of single-family homes will see a decrease in property values and a slight increase in their tax bill.Assistant Assessor Sheila Hambleton said the average assessed value of a single-family home was $580,000 in FY’10 and for FY’11 the average assessed value dropped to $530,000.”Property valuations have been going down since fiscal year 2008,” Hambleton said. “Since FY’08 there has been a $100,000 loss in the average assessed value of a single-family home. During that same time, taxes increased approximately $3 for every $1,000 of assessed value.”For FY’09 the tax rate in town was $8.53 per $1,000 of valuation and the tax rate for FY’10 was $9.42 per $1,000 of assessed value. Hambleton said for FY’11, the tax rate would be between $10 and $10.05 per $1,000 of assessed value.Hambleton said the tax bills would go out in October and are due by Nov. 1. She added the tax bills would be a mixed bag for homeowners.”Tax bills for some properties will probably decrease slightly,” she said. “Some will remain the same and others will increase. The average valuation (of property) dropped. Those with homes in the $300,000 range will probably see a drop in their tax bill because their home lost value.”Hambleton said much of the tax burden in town is on the owners of waterfront property.”People with homes on the water will see the biggest jump in their tax bill,” she said. “The taxes on waterfront properties will increase the most. Waterfront homes have a higher value to begin with and waterfront properties are holding their value more than other properties in town.”Town Administrator Mark Cullinan said he believes the town is a good value even though the tax rate is increasing.”Properties in Nahant are holding their value better than those in most communities,” he said. “I think our tax rate is probably still one of the cheapest in Essex County. I know our tax rate is in the bottom third in the state. I think the town provides excellent services for what it receives in taxes.”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 Tuesday, 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.