Milford To Set 2021 Tax Rate, 2.3% Increase On Table

Milford MA

10 November, 2020

7:22 AM

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MILFORD, MA — Milford will soon set the 2021 tax rate, and officials are proposing a slight tax increase across the board, including for residential property owners. The Board of Assessors will host a public hearing on the new proposed rates on Nov. 16. The town is proposing a residential rate of $15.98 per $1,000 of assessed value, up from $15.96 per $1,000 in 2020. Although only a 2 cent rate increase, that will equal a $125 annual increase for the owner of an average priced home of $348,700. Like many communities in Massachusetts, Milford typically elects to shift the tax burden away from residential owners and onto commercial and industrial properties. The town is recommending a CIP rate shift of 1.58 for 2021, the same as 2020. With a CIP shift, residential property owners shoulder about 68 percent of the total tax levy. Without a CIP shift, homeowners would pay about 80 percent of the total, meaning much higher property taxes. The trade-off is a higher tax rate for commercial properties. In 2021, the commercial rate recommendation is $29.69 up from $29.64 in 2020. That equals a $557 increase for the owner of a commercial property at the average value of $938,400. Here's a look at what tax bills in Milford might look like in 2021: 2020 Average Bill2021 Average BillDollar Increase% IncreaseResidential$5,447$5,572$1252.30%Condo$3,993$4,126$1333.33%2 Family$5,077$5,190$1132.23%3 Family$5,683$5,842$1592.80%Apartments$8,167$8,813$6467.91%Commercial$27,304$27,861$5572.04%Industrial$35,346$36,664$1,3183.73% The tax classification hearing will be held at 7 p.m. on Nov. 16. The Board of Selectmen will ultimately vote on the 2021 tax rate, with final approval coming from the state. Correction: An earlier version of this story listed the incorrect start time for the tax classification hearing on Nov. 16.