By Sue Ellen Woodcock
On the advice of the Board of Assessors, the Town Council has set the tax rate at $14.41 per $1,000 in valuation for fiscal year 2017 compared to $15.37 in fiscal year 2016.
While the rate has gone down the value of real estate has gone up so your average home in Winthrop will see a tax increase of about $125 a year, about a two percent increase. The average condo will see an increase of about 10 percent.
“We chose a uniform tax rate to encourage business,” said Chief Assessor Stephen Roche, of the one rate for all.
Overall, the town has seen about a nine percent increase in valuation. Roche said factors like real estate sales; a new school; people buying, fixing and reselling properties and condo conversions helped drive it up.
He added that there is a 5-10 percent vacancy rate in the town’s commercial property. Winthrop’s commercial property saw an increase in value of one to two percent.
The total residential value is $9,361,800 and the commercial real estate value is $4,911,420. In the past year there has been $219,379 of new growth in the town, mainly due to apartments, said Roche.
The tax rate information still has to be approved by the Massachusetts Department of Revenue.