WAKEFIELD — The selectmen tonight will hold their annual tax classification hearing at which they determine what shift interval to implement so residential taxpayers and commercial property owners share the fiscal year 2015 tax burden.
The joint public hearing with the assessors is scheduled for 7:40 p.m.
A shift of 1 would create the same residential and commercial tax rate of $15.55 per $1,000 of property value. A shift of 1.25 would bring a residential tax rate of $14.86 and a commercial rate of $19.44. A shift of 1.5 would mean a residential tax rate of $17.17 per $1,000 and a commercial rate of $23.33.
A shift of 1.75, the maximum allowed for this year, would mean residential property owners would pay the least under law — $13.48 per $1,000 — and commercial property owners the most, $27.22.
According to information supplied by the Board of Assessors, the average single family home in Wakefield is valued at $416,000. As a result, a shift of 1 would mean an average residential property tax bill would go from $5,161 this year to $6,469.
At a shift of 1.25, the residential bill this year would be about $6,182.
A shift of 1.5 would mean a $5,895 estimated average residential tax bill.
The average commercial/industrial property owner pays the town $31,743 a year. At a shift of 1, that bill would be $17,865. At a shift of 1.25 it would be $22,335 this year. At a 1.5 shift it would be $26,804 and at 1.75 it would be $31,273.
The assessors, in the information supplied to the selectmen, not that in fiscal year 2014, commercial property owners saw their local taxes increase 9.5 percent.
