Andover homeowners will likely see their property tax rates go up between 4.9 percent and 6.5 percent for Fiscal Year 2024, which begins on July 1, 2023.
The board held its first public hearing on tax rates at its Nov. 21 meeting, when it heard a presentation from Chief Assessor David Billard. The select board will make a final decision on tax rates for FY 2024 at its next meeting at the Robb Center on Dec. 5 at 7 p.m.
While the local housing market cooled this year, it still pushed assessed values of Andover properties higher. The percentage increases outlined at Nov. 21’s meeting include previously-approved debt exclusion votes.
More coverage on Andover News: Select Board Notebook for Nov. 21
When the select board finalizes the rates next month, it will also need to decide whether to establish a shift rate, which shifts more of the tax burden to commercial taxpayers and away from residential taxpayers. The current year’s shift rate was 82 percent for residential properties, resulting in tax rates of $14.60 per $1,000 of assessed value for residential properties and $29.29 per $1,000 of assessed value for commercial and personal property.
That shift will determine how much of an increase Andover’s residential taxpayers will see next year. Taxes for the average homeowner could increase anywhere from 4.9 percent if the select board approves the maximum shift to 6.5 percent. If the same shift is approved that is being used in the current, average tax bills would go up 5.9 percent for homeowners.
At the residential factor of 85.4314 recommended by the Board of Assessors, the residential tax rate would be $13.66 and the commercial rate would be $27.32. That residential rate would work out to a 5.9 percent increase for homeowners. That factor would keep increases mostly equal among the three categories of properties.
See page 69 of the meeting packet for all the different property tax scenarios.
“Historically, we have tried to keep the increase equal across all three categories,” Select Board Chair Alex Vispoli said. “It doesn’t always come out even because of the way the math works, but we try to get as close as possible.”
Tax bills will also be impacted by increases in assessed values. The average assessment for the fiscal year beginning July 1, 2023 is $858,952, up 13.2 percent from the current year’s assessment of $758,570. The average assessment for other classes of properties include:
| Property Type | FY 2024 Average | FY 2023 Average | Increase |
| Residential | $858,952 | $758,570 | 13.2% |
| Condominium | $406,912 | $371,309 | 9.6% |
| Multifamily | $716,475 | $618,126 | 16.0% |
| Commercial | $2,590,325 | $2,392,289 | 8.3% |
| Industrial | $5,828,735 | $5,118,906 | 13.9% |
The total assessed value of all properties in Andover was $10.93 billion, up 13.3 percents from $9.65 billion in the current year. The biggest year-over-year increases in total property value were industrial (13.9 percent) and residential (13.7 percents), which includes condominiums and multifamily homes.
Last year, the board was able to reduce the residential tax rate from $15.29, thanks in part to the hot housing market that started during the coronavirus pandemic and helped raise assessments. But increases in assessed value meant the average Andover homeowner saw their tax bill increase $459.
Meeting Packet For Nov. 21 Select Board Meeting
Assessors report begins on page 65.