By Carol Britton Meyer

In keeping with tradition, the select board voted to maintain a single tax rate for residential and commercial properties during this week’s tax classification hearing for FY24, following the recommendation of the Board of Assessors.

The average residential property owner can expect a 3.4%, or $237.52, increase in his or her fiscal 2024 taxes, while the tax on commercial properties is expected to increase by 4.5%, or $366.51.

This is because while the single tax rate for Fiscal 2024 is 4.3% lower than the FY23 rate ($11.65 per $1,000 of assessed value compared with $12.17), the average value of single-family homes has increased by 8%, from $573,800 in FY23 to $619,800 in FY24.

For the full tax rate presentation (and other select board info) click here.

In FY23, the value of commercial properties increased by far less of a percentage than single-family homes, and the average tax bill decreased by $2, or -0.02%, based on the single tax rate at that time.

The scenario is far different for FY24, with the average value of commercial properties increasing by 9.1%, from $666,300 to $727,500.

At the new tax rate, the average tax bill for a single-family home will be $7,220.67, while the average tax bill for commercial properties will be $8,475.38.

Because nearly 96% of the properties in town are residential, and Hull has a small commercial base of 2.57%, maintaining the single tax rate means that most of the tax burden falls on residential property owners.

If the tax rate were split, homeowners would see relatively little savings, while the average commercial property owner would see his or her tax burden greatly increase, depending on the percentage of the split.

At the conclusion of the joint meeting between the select board of the board of assessors, acting chair Irwin Nesoff continued the tax classification hearing to a later date, but did not specify the reason for the move.

Hull ranks 16th from among 27 other local communities in a comparison of the average single-family tax bill.

A small portion of the property tax, 1.5%, applies to personal property. This tax includes tangible property that is not real property, such as furniture in second homes or business equipment.

The select board also voted not to adopt residential (for lower-valued, owner-occupied parcels) nor small business exemptions, also upon the recommendation of the board of assessors.

According to a chart listing the current range of values for Hull’s single-family homes, none are valued below $100,000 or between $100,000 and $200,000, and only 73 are valued between $200,000 and $300,000. There are 570 homes between $300,000 to $400,000, 997 in the $400,000 to $500,000 category, 699 valued between $500,000 and $600,000, and 19 valued at more than $2 million, up from 14 last year.

Like what you’re reading? Stay informed with a Hull Times subscription by clicking here.

Do you have an opinion on this issue? Click here to write a Letter to the Editor.