City: Boston condo values up in 2010
Jun 2011 13

The city of Boston’s condominium values increased by $829.3 million, or 3.6 percent, to $23.9 billion, in fiscal year 2011, according to a report issued today by the Boston Municipal Research Bureau.

However, because other residential property values including single-family and multi-family homes declined by $545.1 million, or 1.6 percent, the city’s overall residential value showed a net increase of $284.2 million, or 0.5 percent, to $56.6 billion. Combined with commercial properties, overall value decreased by $456 million, while dropping 3.5% in the previous fiscal year.

Although residential values have fallen for many, the city of Boston has increased its property tax levy by the full 2.5% allowed by law. Net property taxes collected have increase by $62.1 million or 4.3% in the last year. Since fiscal 2006, net property tax revenues have risen by $335 million or 28.7% for an average annual increase of 6.3%.

Are you happy that the estimated value of your condominium home has increased during the past year? Do you think it really has? Is this a good thing (higher values) or a bad thing (higher taxes) for you?

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