THE MALDEN ADVOCATE–Friday, December 22, 2023 Page 9 RATES | FROM PAGE 1 property owners and $18.68 for CIP owners. But another dramatic, year-to-year surge in Malden assessed property values means that local property owners will see an increase in their tax bills. In Malden, the Advocate has calculated, the average single-family homeowner will see an increase of approximately $555 in their annual property tax bill. Using the fi gures provided, it is estimated the average single-family homeowner – using the 30% residential exemption – will pay $5,332 for 2024 in municipal property taxes. That is based on the speculated increase in average assessed value of a single-family home in Malden, which jumped about 4% to $628,000. That is an independent number, not offi cially from municipal estimations. This past year, using an assessed annual single-home value of $605,000 in Malden, the average single-family homeowner, using the $12.19 per $1,000 of assessed valuation paid $4,777 in residential property tax, using the figures provided and factoring the 30% residential exemption. The City Council heard from Cramer on a variety of facdown on a number of points of interest regarding Malden’s residential and commercial industrial property stock: — “For the fi rst time, Malden’s Property tax logo tors that go into determining the property tax rates, and several Councillors, including City Council President Barbara Murphy (Ward 5), Amanda Linehan (Ward 3) and Councillor-at-Large Craig Spadafora, requested a deeper explanation of the “lower tax rate number/ higher assessed property values” dichotomy. “That’s the question I get asked the most when the tax rate shifts, especially downward – ‘Why don’t our taxes go down if the rates are lower?’” Councillor Murphy said, “And then I explain about the property assessments and how they work.” Councillor Linehan echoed Councillor Murphy. “That’s the question every one of my constituents seems to have this time of year,” Councillor Linehan said. “It is important information.” Cramer gave a detailed runtotal city assessed property value has surpassed $10 billion,” Cramer revealed, citing the fi gure of $10,505,789,439. Last year’s total assessed value was about $9.8 billion, Cramer said. — Malden’s total allowable tax levy for 2024 is $109,325,449, Cramer said, the maximum being 2.5% higher than last year’s levy, under Proposition 2 ½. Councillors Spadafora and Ryan O’Malley (Ward 4) both reiterated the fact that Malden is approximately 90% residential to 10% CIP. Both strongly stated that 1) Malden must continue working to expand its CIP tax base and 2) Malden must work to retain what it already has. “We cannot aff ord to lose anything that we already have in our city,” Councillor Spadafora said. “We must continue to seek ways to promote our city and to increase our commercial/industrial tax base. It is crucial for our city right now and moving forward,” said O’Malley, who represents the greater Malden Square area. Cramer made another salient point regarding the CIP tax base. “Assessed values for CIP properties are lower this year. They are taking a hit,” Cramer said, noting that it has become a trend across the Commonwealth due to decreased demand and use which started during the COVID-19 lockdown in 2020 and has continued to a certain extent since. RON’S OIL Call For PRICE MELROSE, MA 02176 NEW CUSTOMER’S WELCOME ACCEPTING VISA, MASTERCARD & DISCOVER (781) 397-1930 OR (781) 662-8884 100 GALLON MINIMUM JOHN MACKEY & ASSOCIATES ~ Attorneys at Law ~ * PERSONAL INJURY * REAL ESTATE * FAMILY LAW * PERSONAL BANKRUPTCY * LANDLORD/TENANT DISPUTES 14 Norwood Street Everett, MA 02149 Phone: (617) 387-4900 Fax: (617) 381-1755 WWW.JMACKEYLAW.COM
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