Property Taxes Rising on the North Shore

Cities have begun announcing the new property tax rates for 2020 and in several local municipalities taxes will be on the rise.

In Peabody the average homeowner will see an increase of $194. In Beverly the average homeowner will see an increase of $226. In Salem, the average owner of a single-family home will see the lowest increase of the three at $87.26 but condo owners will see an increase of $160.77.

Although tax rates are indeed rising, much of the increase in the tax bill is due to higher assessment values. In Salem alone the assessed value of the entire city rose by 12% and condo values are rising faster than single family values. This is why the average condo owner in Salem is seeing almost double the increase in their bill compared to the average single family owner even though the tax rate is the same for both.