Page 2 TAX RATES | FROM PAGE 1 paying additional taxes in order to keep Saugus residential property taxes low compared to neighboring towns. Lowest new growth in nine years The town’s new growth plummeted from $1,605,184 for 2024 Fiscal Year to $580,293.89 for the 2025 Fiscal Year – the lowest new growth total in nine years. During the 2016 Fiscal Year, the new growth was $477,878. New growth is the increase in the tax base due to new construction, parcel subdivisions, condominium conversions and property renovations, but not due to reevaluation. “This was a light year for Commercial [growth] – not Sizing up Saugus’ tax bill Here’s how the Fiscal Year 2024 average residential tax bill for Saugus compares with other area communities: Saugus $617,905 $6,581 Community Danvers Melrose Average home value $669,896 Stoneham $709,434 $791,260 Wakefield $753,756 Reading Lynnfield $984,943 Average single family tax bill $7,433 $7,513 $7,857 $8,480 $854,864 $10,019 $10,352 Lawrence A. Simeone Jr. Attorney-at-Law ~ Since 1989 ~ * Corporate Litigation * Criminal/Civil * MCAD * Zoning/Land Court * Wetlands Litigation * Workmen’s Compensation * Landlord/Tenant Litigation * Real Estate Law * Construction Litigation * Tax Lien * Personal Injury * Bankruptcy * Wrongful Death * Zoning/Permitting Litigation 300 Broadway, Suite 1, Revere * 781-286-1560 lsimeonejr@simeonelaw.net many office buildings,” Board of Assessors Chair Ricciardelli said. “Not many office buildings,” he added. Ricciardelli also noted that “one of the big projects on Route 1 didn’t get done, it got delayed.” THE SAUGUS ADVOCATE – FriDAy, NOVEmbEr 22, 2024 (Editor’s Note: Information was compiled by the Saugus Board of Assessors.) Sizing up Saugus’ tax rates Here’s how the residential tax rate in Saugus for Fiscal Year 2024 compares with residential tax rates of other area communities: · Melrose – $9.93 · Lynnfield – $10.51 · Stoneham – $10.59 · Saugus – $10.65 · Danvers – $11.11 · Wakefield – $11.25 · Reading – $11.72 · Lynnfield – $11.30 The report also noted how the CIP tax rate for Saugus compared to Fiscal Year 2024 CIP rates of other area communities: · Reading – $12.92 · Melrose – $17.71 · Lynnfield –$17.99 · Danvers –$18.60 · Stoneham – $20.17 · Wakefield – $21.70 · Saugus – $22.05 Total Taxable Value in Saugus Class Residential Commercial Value (Fiscal Year 2025) $5.98 billion $847.5 million Industrial $191.5 million Personal Total $148.9 million $7.2 billion Total Taxable Value Residential $5,982,707,282 83.43 percent “NOT MANY OFFICE BUILDINGS”: Board of Assessors Chair David Ricciardelli described Fiscal Year 2025 as “a light year for commercial [growth]” during Tuesday night’s tax classification hearing before the Board of Selectmen. (Saugus Advocate photo by Mark E. Vogler) Open Space 0 0.00 percent Commercial $847,515,359 11.82 percent Industrial $191,493,501 2.67 percent Personal Property $148,895,060 2.08 percent Total $7,170,611,202 100.00 percent Residential Commercial Total New Growth in Saugus $242,464.53 $35,113.94 Industrial $13,218.98 *New growth is the increase in the tax base due to new construction, parcel subdivision, condominium conversions and property renovations but not due to revaluation. It is calculated by multiplying the increased assessed valuation by the prior year’s tax rate for the appropriate class of property. For Advertising with RESULTS, call The Advocate Newspapers at 781-233-4446 or info@advocatenews.net Personal Property $289,496.43 Total New Growth $580,293.89 New Growth Comparison in Saugus* Fiscal Year New Growth 2025 $580,294 2024 $1,605,184 2023 $1,515,638 2022 $846,712 2021 $1,146,652 (Editor’s Note: Information was compiled by the Saugus Board of Assessors.)
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