Tax Classification Review - 2024 Rate Set Pending DOR Certification

The Hubbardston Select Board and Board of Assessors held the 2024 Tax Classification Hearing on November 20, 2023. The hearing was to determine the allocation of the property tax levy between residential and commercial, industrial, and personal property (CIP) in setting the FY2024 tax rates.

The total FY2024 property tax levy to be raised was estimated at $8,425,715, a 4.62% increase from FY2023. Mr. Robert Heckman of Regional Resource Group presented the property valuations by class, showing residential at 93.67% of the total valuation. They evaluated several options for tax shifts between residential and CIP, along with the resulting tax rates as outlined in the attached meeting document.

The assessors recommended maintaining the relative shares of the tax burden, with no shift from residential to CIP. They recommended a residential factor of 1.000 and a corresponding CIP factor of 1.000, resulting in a single tax rate of $11.79 for all classes. This maintains the distribution of taxes similar to previous years.

The Hubbardston Select Board voted to set the FY2024 residential factor at 1.000 and the CIP factor at 1.000, pending final certification of tax rates by the Department of Revenue.