City Council sets 2023 tax rates

  Revere homeowners felt some love this week when the City Council set a new tax rate for 2023. The value of single and multifamily homes and condos is up, but tax bills will increase by relatively small amounts or even decrease. In contrast, the value of commercial/industrial property has increased by 22 percent, and owners will see a 14.33 percent increase in tax bills. Next year’s tax rate for residential real estate is $951 per $1,000 of value while commercial property owners will pay $18.98.

  Every fall, assessors from cities and towns head out with PowerPoint presentations to meetings of city councilors and selectmen to explain property valuations and the residential tax factor. They typically remind audiences that cities and towns can only raise the total amount of property tax, aka the total tax levy, by 2 ½ percent over last year. Elected officials then set a tax factor that determines how much of a community’s tax burden will be shouldered by businesses and what percent will be picked up by homeowners.

  Dana Brangiforte, chairman of the board of assessors, told councillors the board recommended a tax factor of .876646. “That allows us to shift the tax rate 175 percent onto the commercial,” said Brangiforte, who added that it also allowed the city to adopt the lowest residential tax rate possible.

  Brangiforte went through plenty of numbers, including the roughly $48,000 increase in value of the average single-family home in the city. Despite that jump in value, those property owners can expect to see just a $33 increase on tax bills. The value for an average commercial/industrial property saw a $376,719 bump up or a 22 percent gain, which means a $4,655 increase in property taxes.

  Revere councillors unanimously approved the new tax factor and tax split. However, several councilors want to make sure that residents understand they can challenge their tax bills. “I wish I had a nickel for every time someone asked me “When do I file for an abatement; how do I file for an abatement?” said Councilor-at-Large Dan Rizzo.

  Brangiforte explained that residents have 30 days after they receive their December tax bill to file for an abatement. “From Jan. 2 to Feb. 2, that’s when you have to get that abatement request in,” said Brangiforte, adding that assessors either approve or reject the request. However, if an abatement request is rejected, a property owner can appeal that decision to the state Appellate Tax Board.

  Brangiforte suggested that property owners can also research exemptions for seniors, veterans and residents with disabilities to see if there is any tax relief available. Staff at the Assessors Department are willing to help residents explore those opportunities.