Tax Bills Will Increase Next Year

Tax bills will increase 2.7 percent next year if approved by the Department of Revenue.

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. 

adv November 27, 2011 at 04:47 PM
This is terrible, why is it that our leaders cannot find ways to cut costs. Do we really need a principal in every school? Do we need an over paid $80K athletic director. The town needs to do a better job of controlling costs. Our selectman state it not a good time to raise taxes, they must of missed the article on Teradyne not paying taxes. Teradyne Inc. April 29, 2011 The North Reading company, which makes semiconductor-testing equipment, had higher first-quarter earnings but offered a disappointing second-quarter outlook. On Wednesday, Teradyne said profit climbed to 41 cents per share from 24 cents a year earlier. But second-quarter adjusted earnings will be 38 to 44 cents per share on revenue between $375 million and $400 million. Analysts expect 45 cents on revenue of $403 million. Yesterday’s sell-off was the mirror image of three months ago, when the stock jumped after a more positive earnings outlook than analysts expected.
Joe Veno November 27, 2011 at 05:49 PM
adv, Where did you get the info that Teradyne dose not pay taxes to the Town?


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