The Yarmouth Taxpayer

Yarmouth Property Values Rise- So Will Taxes.

The Town of Yarmouth has completed  the revaluation of all properties .  The revaluation is based on statistics gathered as of past January 1st. Yarmouth Property Owners/ Taxpayers can review their data at  www.yarmouth.ma.us and may be viewed on Channel 18. The official public review period for the revaluation starts Monday and ends Friday. The first of two annual tax bills is scheduled to be sent out in October.

Property Value Increase.
This year is the 3-year revaluation  of all the properties. According to the Town the increase will be 7 percent, down from last year due to slowing home sales. Last year the town did a interim revaluation of all properties with a 10 percent increase.

17 Percent Increase and Your Taxes.
The total increase in assessments of the taxpayer’s property over the last two years was a whopping 17 percent.  The tax rate has also reflected this in an increase in our property taxes. The normal rule is when the town re-values the property, the tax rate goes down. In this case where the property values are going up so much it has off set any benefit  of a  lowering  tax rate.

Town Meeting Vote- A Tax Increase.
This past April the voters voted to increase the Town Budget by 2.11 percent. This will result in a tax increase. The tax rate was 5.95 per thousand dollars of property assessed. The new uncertified tax rate is 6.21 per thousand dollars.

Special Town Meeting- Override, Another Tax Increase?
This coming Tuesday September 12th, the Town of Yarmouth will hold a Special Town Meeting. In Article  8  is a Override Question. Now if this question is approved at Town Meeting it then goes to a Ballot Question. If Town voters approve this override it will  another 7 cents to the uncertified tax rate of 6.21, for a total tax rate of 6.28. per thousand dollars of assessed value.

Bottom Line-  Taxes Will Increase.
Normally, as I stated earlier the tax rate goes down, as will probably happen in this case. The tax rate most likely will not go down below the 5.95 per thousand dollars of assessed value. The new tax rate will be some where between  5.95 to 6.21 or 6.28 and with the 7 percent increase in property values the end result will be a Tax Increase.