LYNN — Chris Gaeta, the Board of Assessors director of assessing, spoke at the Lynn City Council meeting to discuss the residential factor for the tax levy for Fiscal Year 2025 (FY 25).
Setting the tax levy rate comes down to the evaluation of property as well as the municipal spending in the tax levy, according to Gaeta.
“Currently, the tax levy is at $168 million. That’s factored into the FY 25 budget, so within that amount is where the classification comes in,” he said.
The decision that needs to be made is how the City of Lynn will spread the tax liability throughout all major classes.
“Currently, the lowest residential factor would be .9129, which represents just over 90% of what the residential tax would be transferred over to commercial, industrial, and personal property,” he said.
Gaeta said that due to the city’s evaluation adjustments, there was an increase of about 6% in total taxable value. Many other North Shore communities saw similar increases as well.
“This results in a [tax] increase of 4.6%, or roughly $250, to the average single-family home in the city [per year],” he said.
The decision made by the City Council to approve the lowest possible tax rate was unanimous, minus the absence of Councilor Hong Net.
