By Carol Britton Meyer

The select board voted to maintain a single tax rate for residential and commercial properties during this week’s tax classification hearing for fiscal year 2025. This decision is in keeping with the board’s traditional approach to property taxes and was made upon the recommendation of the board of assessors.

The FY25 tax rate is $11.21 per $1,000 of assessed value, compared with $11.65 for FY24, for a decrease of 4%. However, the average valuation of a single-family home increased from $619,800 in FY24 to $673,300 for FY25, with an average annual tax bill of $7,548 as compared with $7,221 in FY24.

Click here for the full presentation on Hull’s FY25 tax rate.

This means that the average residential property owner can expect a $327 increase in his or her FY25 taxes, or 5%, even with the lower tax rate, while the tax on commercial properties is expected to decrease by $99.

AN IMAGE FROM THE BOard of assessors’ presentation to the select board this week. click here for the full document.

That’s because at the new tax rate, the average tax bill for commercial properties will be $8,376 as compared with $8,475 for the last fiscal year. The average valuation on commercial properties for FY25 is $747,200, compared with $727,500 for FY24.

Hull ranks 12th among Plymouth County single-tax-rate communities based on the FY24 numbers, with an average single-family tax bill of $7,221, compared with Wareham on the low end at $3,912 and Hingham property owners paying $12,839, with property tax assessments varying greatly among these communities.

Because nearly 96% of the properties in town are residential, and Hull has a small commercial base of 3%, maintaining the single rate structure means that most of the tax burden falls on residential property owners.

A small portion of the property tax, or 1%, applies to personal property. This tax includes tangible property that is not real property, such as furniture in second homes or business equipment.

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

Based on a 10% shift, the average residential taxpayer would save $30 per year, while the average commercial taxpayer would bear an additional tax burden of $838.

Based on a 50% shift, the average residential taxpayer would save $151 a year, while the average commercial taxpayer would pay an additional $4,188.

The select board also voted not to adopt residential nor small business exemptions, also upon the recommendation of the board of assessors.

While the residential policy would save tax dollars for lower-valued owner-occupied residences, it would put an additional tax burden on higher-valued owner-occupied residences as well as on non-owner-occupied residences, apartments, and vacant land, according to the assessors.

Adopting the small-business exemption would increase the commercial tax rate and the taxes of non-qualifying commercial properties, including all commercial vacant land.

At the conclusion of the joint meeting between the select board and the board of assessors, the hearing was continued until the FY25 tax rate is certified “and in case any changes need to be made,” Town Manager Jennifer Constable said.

“This is really the start of the budget process, and an important part of it,” she said.

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