Woburn's Assessed Value Increased 7 Percent From Last Fiscal Year

WOBURN, MA — The total assessed value of Woburn property was $8.524 billion as of Jan. 1, 2019, a seven percent increase over $7.938 billion the previous year. The average single family home was worth just over $500,000. City council is holding a hearing Tuesdayto decide the residential-commercial tax shift for fiscal year 2020, which will determine the fraction of the city's tax levy that will be paid by residential versus commercial properties.

If the city had a single rate, it would be $13.26 mills. In recent years, however, the city has had a 175% commercial shift, meaning commercial property owners pay 175% of what the theoretical single rate, and residential property owners pay less. With the current assessments, that means residential owners would pay $9.32 mills while commercial owners would pay $23.20.

The average single family home property tax bill would be $4,677 if city council selects that tax shift. This is lower than all the "competitive communities" listed by the town's assessors department in a presentation prepared for city council.

The city's 2020 fiscal year tax levy limit increase is $6,691,904, split between growth and the 2.5% increase allowable each year.

Update: An earlier version of this story said city council would decide the tax shift at their Thursday meeting. They decided it Tuesday.

Christopher Huffaker is reachable at 412-265-8353 or chris.huffaker@patch.com.