MALDEN — The property tax rate has gone down for next year for Malden homeowners, but most tax bills will still be higher in 2018.
The Malden Board of Assessors proposed a residential property tax factor of $14.09 per $1,000 of assessed value for 2018, down from $14.17 in 2017. The Malden City Council approved the rate as well as a drop for commercial property owners, down to $22.04 from $21.84 in 2017.
With the average single-family home in Malden assessed at $381,000, the average homeowner will pay $5,368 in property tax. The expected uptick in bills, despite the drop in rate, is that assessed property values are higher and rising. The average residential property in Malden is worth $489,129 this year. The second number figures largely in a large tax break Malden taxpayers receive if they live in the home they own.
In addition to voting to approve the new property tax rates, the City Council also agreed to continue the 30 percent owner-occupied tax break which has been in effect since 2008. Using this year’s figures, those who live in the residential property they own can save an average of $2,000 in property taxes.
Malden Assessor James O’Brien said a lot goes into determining the property tax rate each year. “There’s a tremendous amount of data that is examined before a decision is made,” he said. “A lot of work is done in analyzing sales of property in Malden and in the area. It goes a long way toward determining assessed value in Malden.”
O’Brien said there are about 5,600 single-family homes in Malden and many are owner-occupied, making them eligible for the tax savings. “It really is an attractive incentive to live in the home you own,” he said.
“It’s a tremendous incentive,” echoed Ward 2 City Councilor Paul Condon. “We have reasonable property tax rates in Malden anyway. When you add in the owner-occupied savings, it is great for the local homeowner.”
