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Selectmen, on Nov. 28, set a residential tax rate for the current fiscal year that’s 23 cents lower than in fiscal 2017.
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But property taxes will still rise by an average amount of $366. That’s because the average assessed value of a single family home in Westford rose 6 percent to $520,000, up from fiscal 2017’s average assessed value of $491,000.
The residential tax rate is $16.18 per $1,000 of valuation.
Commercial properties valued under $1 million will get a 10 percent exemption on a tax rate of $16.38 per $1,000 of valuation.
The rate, said Principal Assessor Paul Plouffe, is based on a property valuation of $540.4 million for all commercial, industrial and personal properties minus $65 million which represents the total value of 239 commercial properties valued under $1 million. The system then calculates a rate from the resulting $534 million.
The town’s fiscal year runs from July 1 to June 30.