The Shrewsbury Select Board approved the new property tax rate for fiscal year 2025 at their meeting on November 19, 2024.
Ruth Anderson, Principal Assessor of the Town of Shrewsbury, presented the 2024 Tax Classification Hearing.
The proposed residential tax rate for FY2025 is set at $12.04 per $1,000 of assessed property value, a decrease from the FY2024 rate of $12.39 and the FY2023 rate of $13.12. However, with rising home value assessments, the lower rate will not necessarily translate into lower property taxes for homeowners.
The average single-family home assessment increased by 5.94%, bringing it to $706,928, a rise of $39,612. This results in an average single-family tax bill of $8,518.49, an increase of $250.10, or 3.11%. In comparison, the tax bill rose by 6.05% from FY2023 to FY2024.
Following Anderson’s presentation, the Board voted to approve the proposed single tax rate of $12.04 for FY2025.
Here’s how the tax bill will look for various home values at the new rate of $12.04 per $1,000 of assessed value:
- $400,000 home: $4,816, or $401.33 monthly
- $500,000 home: $6,020, or $501.66 monthly
- $600,000 home: $7,224, or $602.00 monthly
- $700,000 home: $8,428, or $702.33 monthly
- $800,000 home: $9,632, or $802.66 monthly
- $900,000 home: $10,836, or $903.00 monthly
- $1,000,000 home: $12,040, or $1,003.33 monthly
Homeowners can expect an increase in property taxes this year, with the specific amount depending on the assessed value of their homes.
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