If approved by the Department of Revenue, taxes will go up to $14.38 per thousand, which according to Selectmen Chairman Bob Mauceri is a 2.7 percent increase over last year. The town will get confirmation from the Department of Revenue in December.
Here is the tax bills planned for 2012 for three different home value levels and the extra amount homeowners will have to pay in 2012:Home Value Tax Bill for 2012 Tax Bill for 2011 Difference $300,000 $4,314 $4,200 $114 $400,000 $5,752 $5,600 $152 $500,000 $7,190 $7,000 $190
Taxes have increased over the . Last year, the tax rate was $14 per thousand and $13.47 in the previous year.
Commercial taxes are the same as residential taxes because North Reading has a single tax rate.
“I don’t agree with it,” Selectman Mike Prisco said at Monday's Selectmen meeting. Prisco would prefer to have a split tax rate, which would require businesses to pay more than residents.
Executive Director of the Reading-North Reading Chamber of Commerce Irene Collins spoke at the meeting and mentioned that raising business owners' taxes would prevent them from donating to town programs.
According to Selectman Steve O'Leary, the most a split tax rate would save an average household is $477. Meanwhile, the split tax rate would increase businesses taxes by approximately $6,600. If residents saved $100, businesses would pay $1100 more, he said.
"It’s not cost effective,” O'Leary said.
Selectman Sean Delaney mentioned that the single tax rate is a selling point for businesses to open in North Reading.