SWAMPSCOTT — The Select Board endured a long meeting Wednesday evening, during which its discussed tax rates for the Fiscal Year of 2025 and its impact on the community.
The Board hosted a joint meeting with the Board of Assessors and the Finance Committee to ponder the town’s position regarding finances and possible areas of growth to consider. Director of Assessors Jean-Paul Plouffe came before the board to clarify areas of development and ways the town has improved its estimated values since last year.
Plouffe noted that within several areas, the town’s overall estimated values have increased throughout the last fiscal year. For the town’s commercial value, the total amount rose from $199,778,800 to $201,643. The value of recreation went from $2,747324 to $2,943,039. The third area was multi-use/commercial, which rose from $13, 598,510 to $13,986,569.
“What we’re seeing is growth throughout different parts of the community,” Plouffe said.
“We’re looking at a total growth of $400,000 compared to the year before,” Plouffe said, citing Swampscott’s net growth since 2015.
He cited the large number of condominiums throughout Swampscott as a big contribution to the surge in commercial value for the town. The other area of growth for the community, Plouffe said, was personal property, with the biggest amount coming from public utilities, such as telephones and pipelines.
There was a 39% increase in Commercial, Industrial and Personal Property (CIP) Values since 2020, according to the Board of Assessors’ presentation. The industrial value grew significantly, from $164, 620,403 to $218,573,108, within the last four years. Alternatively, the personal property value rose from $46,692,900 to $72,219,196 in the same time frame.
Another highlight from the Board’s presentation was an emphasis on total residential values, which had a 50% increase since 2020.
Plouffe first elaborated on what could be considered possible points of economic growth by the Board and the town. These examples include new houses and decks for houses, updated kitchens, and building permits.
Plouffe said the Board of Assessors’ estimated values for the FY25 have been set, and are awaiting approval from the Department of Revenue.
