By Sue Ellen Woodcock
In the new year, property owners can look look forward to a 5.37-percent increase in the assessed value of their home. George Anzuoni, director of finance of the city noted that those bills will be mailed out by Jan. 1.
The average assessment of a residential property in Revere is $343,503 with a tax rate of $12.96 per $1,000 in valuation in FY18. Anzuoni said the increase is reflective of the real estate market in the city.
“This is a normal increase,” Anzuoni said. “Property values are up.”
The commercial tax rate for FY18 will be $25.36 per $1,000 of valuation. Anzuoni said the total value of commercial and residential real estate in Revere is $4,749,021,284 for FY17 while the total valuation was $4,213,165,434 in 2016.
According to the Massachusetts Association of Realtors, the average days on the market year to date, is 42 days and it was 57 days in 2016, a decline of 26.3 percent. Comparing October 2016 to October 2017 shows 58 homes on the market versus 22 homes now. The median price of a home is $375,000 up 5.6 percent from 2016.
In the condominium market, the average day on the market is 23 days compared to 47 in 2016. The median sales price is $310,000, 19.2 percent higher than 2016.
“We went though a full revaluation this year,” Anzuoni said.