The Wellesley Select Board this week voted unanimously to retain a single tax rate for residential and commercial property owners, and while the rate is going down, residents will see their taxes balloon again based on higher property assessments (see presentation and discussion starting at about the 12-minute mark of the Wellesley Media recording). Technically, the Board voted on what’s called a residential factor of 1.0, and the state’s Department of Revenue will have its say on Wellesley’s decision before new tax bills based on the new rate are issued.
Wellesley tax rate has fallen from $10.41 to $10.28 per $1,000 in assessed property value, while the median residential property value has risen more than 6% to nearly $1.7K. Commercial values, meanwhile, have dipped about 1% as vacancies persist.
“We’ve had a robust year with residential values as the market has, and so we’ve reflected that in the new value,” said Stephen Mahoney, Board of Assessors chair. He said 90% of Wellesley’s property values are from residential (by comparison, Natick is closer to 80% residential).
The tax rate is calculated by dividing the town’s overall tax levy (property taxes, an allowed Prop 2.5 hike, and new growth, such as from construction) by total assessed value for fiscal year 2025, which started in July.
If Wellesley went with a split rate, commercial property owners would be taxed at a much more substantial rate, while residential property owners would get a relatively modest break.
Select Board Chair Colette Aufranc said “it’s a very important action that we’re taking here but it’s not a difficult or complex decision…” in light of the town’s assessed value coming so heavily from residential property. She pondered whether the residential-commercial breakdown might change in the future as some commercial properties change hands.
The town assessor and Board of Assessors also uses its platform at the Select Board meeting to promote various tax relief programs for seniors, veterans, and those who are blind. The number of people taking advantage of such programs hasn’t changed much of late.
Considerations are being made to boost relief opportunities, and Town Meeting should be hearing about this.
Wellesley “advertises” public hearings in old fashioned newspapers that few read to comply with an outdated state law. Encourage the town to get the word out about such hearings in Swellesley, too, via paid legal notices: Selectboard@natickma.org
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