Your tax bill is calculated by multiplying your property’s assessed value by the current tax rate, which is stated as the tax in dollars per $1,000 of assessed value.
The tax rate is determined each year by dividing the total tax collection by the total of all assessed values of every property in town (TAV). Historical tax rates and calculations can be found on the Tax Information page of the Town’s web site. The tax rate for the next fiscal year is proposed by the Assessors and generally approved by the Select Board in early December of each year.
For example, in FY 2021 (July 1, 2020-June 30, 2021), the total amount to be raised in property taxes in the approved budget was $138,039,612, and the total taxable assessed value as determined by the Assessors as of FY 2020 was $12,056,976,079.
Tax Levy Divided by Total Assessed Value Times $1,000 Equals Tax Rate
|FY 2021 LEVY LIMIT CALCULATION|
|FY 2020 LEVY LIMIT||$113,696,347|
|+ FY 2021 ESTIMATED NEW GROWTH||$650,000|
|+ HIGH SCHOOL DEBT EXCLUSION||$2,853,980|
|+ MINUTEMAN DEBT EXCLUSION||$1,279,014|
|+ OTHER DEBT EXCLUSIONS||$4,114,930|
|– MSBA RECEIPTS||($476,523)|
|+ MWRA DEBT SHIFT||$3,691,454|
|FY 2021 LEVY LIMIT||$138,039,612|
Note that the first two tax bills of the fiscal year (due August 1 and November 1) are based on an estimated tax rate. The final two (due February 1 and May 1) are based on the actual rate, and the difference from the estimate is calculated in so the total for the year is accurate for the actual rate approved in December. You can check your assessed value and tax rate on your 4th quarter bill (due May 1) – divide your Total Real Estate Tax by your Taxable Value, and it should equal the published tax rate.