New Braintree Property Tax Rate Approved

Braintree's tax rates will increase next year to $11.42 per thousand for residential property and $25.94 for commercial/industrial under a proposal approved Tuesday night by the Town Council.

A tax classification shift, which since 1986 has extracted extra value from business properties in Braintree, will save residential owners on average more than $3 per $1,000 of property value in fiscal year 2014.

The council voted unanimously in favor of the tax plan, put forward by the Mayor's Office and the Board of Assessors. The average residential bill will increase $145 next year, depending on fluctuations in property value. The mean average residential property value in Braintree is nearly $336,000, up from $332,000 last year.

Last year, residential owners paid $11.11 per thousand and commercial and industrial owners paid $25.44.

Mayor Joseph Sullivan said that although no one likes to see a tax increase, Braintree's relatively low residential rate is the product of sound fiscal management and a healthy local economy. And despite the shift onto commercial businesses, companies are still moving to Braintree.

"We remain very competitive," Sullivan said. "Braintree is a desirable location."

Under the current proposal, the average residential property owner would pay $3,836 this year. Without the 175 percent tax shift onto commercial and industrial properties, that same homeowner would pay $4,978. The rate per thousand would be $14.82.

For more information on the shift and how it will affect property taxes this year, see this previous Braintree Patch article.

Councilors also unanimously adopted a property tax discount for certain small businesses. More on that here.