New Ipswich has completed its town-wide revaluation, and property owners are likely to see their property values rise.
During a Select Board meeting Tuesday, Chair David Lage reminded residents that the tax rate for the upcoming year has not yet been set, and the raising of property values will likely mean a drop in the town’s portion of the tax rate, meaning an increased property value may not equal a higher tax bill.
The tax rate is typically set in November. New Ipswich’s tax rate is currently set at a total of $28 per $1,000 of property value. The municipal portion of the rate is $5.50 per $1,000 of value.
According to a press release issued by the town, during the revaluation, the assessed values, when compared to market sales, were consistently lower. Individual properties may see a change in value due to new construction, demolition or market trends.
“The clear and consistent trend was that property sales far exceeded the existing assessed values, consequently, assessment increase was necessary,” the press release stated.
Ashley Saari can be reached at 924-7172 ext. 244 or asaari@ledgertranscript.com. She’s on Twitter @AshleySaariMLT.