Last week I told you know about the 9% increase in property taxes for FY09. So what does that mean for your tax bill? Here’s how to determine how much you’ll pay this year.
First, you need to know what your house is assessed for. The Southborough Assessors Office has posted the latest assessments on the town website, so if you don’t already know your valuation, check the FY09 assessments.
Once you know your assessment, here’s the formula to use:
Annual property tax = (Assessed Value)/1000 * $14.16
So, a house assessed at $500K would pay $7,080 annually ($500,000/$1,000 * $14.16).
With an increase of 9%, chances are good you’ll pay more in property taxes this year than you did last year. The good news for some residents (seniors, veterans, and a few other classifications) is that Southborough offers property tax assistance programs. I’ll post more about those programs later in the week.