Twisted Tanner,
I am writing you to comment on the mayor’s informational brochure for Peabody residents and taxpayers, which is available at City Hall. While technically correct the brochure obscures the one basic fact: The single-family homeowners are footing Peabody’s increasing real estate tax bill AGAIN!
Using figures from the mayor’s brochure, data available on the city’s web site, and the state web site I have concluded the single-family homeowners are taking the brunt of this year’s (FY 2010) tax increase.
Single-family homeowners as a group are paying over $1.6 million dollars more in taxes than last year with an average of $3273 /single-family. This represents an increase of about $150 per household.
The mayor’s brochure indicates the “the average annual tax bill for residents will be $3110.” The mayor’s average includes condos, 2 and 3 family properties, plus apartment complexes thus hiding the facts that these other residential properties are getting tax cuts!
Condo owners as a group will be contributing $71 thousand dollars LESS this year to the city. That’s about a tax cut of $55 per condo. The condo owner’s average tax bill will be $2287.
Multi-family as a group will be paying more than $200 thousand dollars LESS this year. That’s about a $180 tax cut per building. Their average tax bill will be $3157. That’s TOTAL for 2 or 3 units! That’s less than a single-family tax bill!
Apartment complexes as a group will be paying almost $280 thousand dollars LESS than last year.
Some interesting notes:
The Highlands Apartments on Dearborn St:
This controversial development bought out of the City’s affordable housing requirements and perhaps the water-tower requirement. This property was sold in 8/2007 for about $125million. Yet it’s assessment has been reduced from $64.9million to $50million resulting in a tax cut of more than $78 thousand dollars. I not believe the city ever assessed the property for the $125 million sale price.
Avalon Bay Properties, three properties off Rte. 114 and Prospect St., appear to be getting $68 thousand dollars in tax cuts.
Brooksby Village will be getting a tax cut of more than $90 thousand dollars.
Also another note: These tax changes are applied for fiscal year 2010. So for those of us who have to pay more (the increase), we will pay half in Feb., and half in May. PLUS we will pay more in the later payments. This is why when the tax increase is said to be only $150 we actually pay $225 MORE (paying forward). Of course for the properties getting tax cuts it applies they will be even GREATER than stated!
Anonymous
I believe my calculations are accurate and are based on data obtained from public sources. Any miscalculations are not intentional.
www.twistedtanner.com
I am writing you to comment on the mayor’s informational brochure for Peabody residents and taxpayers, which is available at City Hall. While technically correct the brochure obscures the one basic fact: The single-family homeowners are footing Peabody’s increasing real estate tax bill AGAIN!
Using figures from the mayor’s brochure, data available on the city’s web site, and the state web site I have concluded the single-family homeowners are taking the brunt of this year’s (FY 2010) tax increase.
Single-family homeowners as a group are paying over $1.6 million dollars more in taxes than last year with an average of $3273 /single-family. This represents an increase of about $150 per household.
The mayor’s brochure indicates the “the average annual tax bill for residents will be $3110.” The mayor’s average includes condos, 2 and 3 family properties, plus apartment complexes thus hiding the facts that these other residential properties are getting tax cuts!
Condo owners as a group will be contributing $71 thousand dollars LESS this year to the city. That’s about a tax cut of $55 per condo. The condo owner’s average tax bill will be $2287.
Multi-family as a group will be paying more than $200 thousand dollars LESS this year. That’s about a $180 tax cut per building. Their average tax bill will be $3157. That’s TOTAL for 2 or 3 units! That’s less than a single-family tax bill!
Apartment complexes as a group will be paying almost $280 thousand dollars LESS than last year.
Some interesting notes:
The Highlands Apartments on Dearborn St:
This controversial development bought out of the City’s affordable housing requirements and perhaps the water-tower requirement. This property was sold in 8/2007 for about $125million. Yet it’s assessment has been reduced from $64.9million to $50million resulting in a tax cut of more than $78 thousand dollars. I not believe the city ever assessed the property for the $125 million sale price.
Avalon Bay Properties, three properties off Rte. 114 and Prospect St., appear to be getting $68 thousand dollars in tax cuts.
Brooksby Village will be getting a tax cut of more than $90 thousand dollars.
Also another note: These tax changes are applied for fiscal year 2010. So for those of us who have to pay more (the increase), we will pay half in Feb., and half in May. PLUS we will pay more in the later payments. This is why when the tax increase is said to be only $150 we actually pay $225 MORE (paying forward). Of course for the properties getting tax cuts it applies they will be even GREATER than stated!
Anonymous
I believe my calculations are accurate and are based on data obtained from public sources. Any miscalculations are not intentional.
www.twistedtanner.com
