Natick Sets Lower 2022 Tax Rate, But Increases Still Likely

Natick MA

18 November, 2021

4:30 PM

Description

NATICK, MA — The Natick Select Board has set a lower tax rate than last year — but that doesn't mean your tax bill will go down. At the Wednesday night meeting, the Select Board picked a residential factor of 1.0, resulting in a tax rate of $13.34 per $1,000 of assessed value, 27 cents lower than the 2021 tax rate. The average value of a residential home in Natick rose to $686,449 this year, $47,300 higher than the previous year. That means the owner of a home worth $686,449 will pay an annual tax bill of $9,157 — which is about $459 higher than in 2021 when the property tax rate was higher, but home values lower. Over the past 10 years, home values have risen 57.4 percent in Natick, according to Assessor Eric Henderson. As in past years, the Natick Select Board chose to maintain a single tax rate. Some larger communities like Framingham split the tax rate between residential and commercial and industrial properties (CIP). That results in a lower tax burden for homeowners and a higher rate for CIP properties. Technically, the Select Board on Wednesday picked a "residential factor." A factor less than 1.0 splits the tax rate and begins to shift the burden onto CIP properties. The Select Board voted to maintain the factor of 1.0, allowing the Assessor to calculate a single tax rate across all property types. Natick will raise $130.8 million from property taxes in 2022 for city and school services, and to pay off debt.