Revere Board of Assessor Chairman Dana Brangiforte and Assessors Mathew McGrath and John Verrengia appeared at a City Council hearing Monday night for the purpose of submitting the city’s proposed Fiscal Year 2019 tax rate.
The assessors announced the residential tax rate at $12.11 per $1,000 of value and the commercial rate at $23.68 per $1,000. Last year’s rates were $12.96 for residential and $25.36 for commercial so the new rates represent an approximate decrease of 6.5 percent. The rate has been dropping in recent years while Revere property values have been going up.
“There are substantial increases in assessed values this year, so even though the tax rate itself is going down about 6.5 percent, the assessed values are up, so we’re probably going to see some increases in individual tax bills depending upon your properties,” Brangiforte told the Council.
“The Revere market as a whole has been increasing due to the [home] sales,” said Brangiforte. “So for the Fiscal Year 2019, we analyzed the sales market of the calendar year 2017, and those sales were substantially higher than the previous year, so that’s why we’ll see an increase in assessments.”
Revere Director of Finance Director George Anzuoni appeared at the hearing, stating that he was a proponent while affirming that all laws and regulations were followed in establishing the tax rate.
The new rates will go into effect pending the approval of the state Department of Revenue.