Tuesday night the City Council, based on information from the Board of Assessors, set the tax rate for fiscal year 2019. Taxpayers can expect to see the results in their January 2019 tax bill. The average residential bill will go up by $123 and the average tax bill should be about $4,656.
The FY19 residential tax rate is $14.30 per $1,000 of valuation, as opposed to FY18 tax rate of $15.15. The FY19 commercial tax rate is $27.61 per $1,000 of valuation, as opposed to $29.45 in FY18.
“Overall, in the past few years there has been a large increase in residential valuation,” said Christopher Gaeta, director of assessing for the city of Lynn.
The average single-family home value rose 8.82 percent, from $299,200 in FY18 to $325,600 in FY19. Condo sales are also up 8.11 percent and 2-3- family home values are up 13.52 percent.
The total taxable assessed value for FY19 is $8,318,577,009. Residential real estate makes up 88.92 percent of the taxable property. Commercial real estate is 6.66 percent, industrial is 1.93 and personal property is 2.85 percent.
“Lynn really is a bedroom community,” Gaeta said. “Apartment building values are also up 22 percent.”
Residential real estate values rose 11.72 percent from $6,620,907,645 in FY18 to $7,397,015,205 in FY 19.
The median commercial real estate values rose 7.96 percent, from $302,900 in FY18 to $327,000 in FY19. The median industrial value also rose 5.85 percent from $345,400 to $365,600.
The total taxable assessed value in the city for FY 19 is $8,318,577,009.