Real Estate Update

Medford Real Estate Update

New Property Tax Rates Approved

property taxesThe Medford City Council recently approved new property tax rates for 2017.

Even though the residential and commercial property tax rates are lower than 2016, the average tax bill will increase due to higher property values. The new residential rate is $10.56 while the commercial rate is $20.46.

The rate is determined by the need to fund the city’s $162,108,545 budget, which was approved in June, and is affected by property values. In Medford, like many cities, residential and commercial properties are taxed at different rates, with commercial property owners paying a higher rate.

It’s also possible for property values to decrease yet have taxes increase due to a higher rate needed to fund the city’s budget. Despite fluctuations in property values, taxes usually increase each year to maintain city services. Historically, the average home owner’s property tax increases about $150 per year.

The following information is based upon the average property value in each category. Property tax bills will be larger or smaller depending upon the value of individual properties.

Average 2017 Property Tax Bill
Single Family- $5,025.61 ($4,745.68 in 2016)
2-Family- $5,857.01 ($5,687.88 in 2016)
3-Family- $7,098.56 ($6,697.22 in 2016)
Condo- $3,828.64 ($3,557.30 in 2016)
Commercial Property- $25,124.63 ($24,698.06 in 2016)

Average Value Single Family Home
2017- $475,910
2016- $424,100
2015- $394,500
2014- $366.300
2013- $348,500
2012- $347,400
2011- $346,550
2010- $357,900
2009- $372,500
2008- $400,300
2007- $407,500

Average Value 2-Family Home
2017- $554,641
2016- $508,300
2015- $458,000
2014- $406,900
2013- $382,000
2012- $378,700
2011- $377,000
2010- $387,600
2009- $432,800
2008- $490,500
2007- $501,800

Average Value 3-Family Home
2017- $672,212
2016- $598,500
2015- $545,900
2014- $479,500
2013- $451,700
2012- $448,000
2011- $449,000
2010- $465,500
2009- $524,100
2008- $553,500
2007- $552,800

Average Value Condo
2017- $362,561
2016- $317,900
2015- $294,600
2014- $272,800
2013- $263,100
2012- $261,300
2011- $259,000
2010- $263,900
2009- $278,400
2008- $289,300
2007- $297,100

Average Value Commercial Property
2017- $1,227,988
2016- $1,131,900
2015- $1,098,400
2014- $1,029,500
2013- $991,600
2012- $982,800
2011- $1,010,900
2010- $1,056,800
2009- $1,050,100
2008- $1,083,800

– Information from City of Medford Assessors webpage

Local Realtor Receives Award

Jill McTagueJill McTague (of Debontheweb.com), a REALTOR® with RE/MAX Andrew Realty Services of Medford and Stoneham, has earned the service industry’s coveted Angie’s List Super Service Award, reflecting an exemplary year of customer service to members of the local services marketplace and consumer review site in 2016.

Angie’s List Super Service Award (SSA) 2016 winners have met strict eligibility requirements, which include an “A” rating in overall grade, recent grade, and review period grade. The SSA winners must also be in good standing with Angie’s List, pass a background check and abide by Angie’s List operational guidelines.

Angie’s List service company ratings are updated daily on Angie’s List as new, verified consumer reviews are submitted. Companies are graded on an A through F scale in areas ranging from price to professionalism to punctuality.

“It truly is an honor to receive this award, especially since it comes from my clients and reflects their satisfaction at the level of service I provide,” McTague said.

Born and raised in Medford, McTague is a lifelong resident of the city and a graduate of Matignon High School who holds a BS Degree from Suffolk University and a Masters of Education Degree (M.Ed) in Counseling from the University of Massachusetts Boston. She has been a REALTOR with RE/MAX Andrew Realty Services for the past 6 years. McTague is licensed to sell real estate in both Massachusetts and Maine. Throughout her real estate career, McTague has helped numerous individuals and families purchase and sell a wide array of residential and commercial real estate throughout the Greater Boston/Boston North areas and the South Shore. Since joining RE/MAX Andrew Realty Services, McTague has been consistently recognized for her outstanding real estate production, most recently receiving RE/MAX’s distinguished regional “100% Club” award in 2016.
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McTague is a member of a variety of business organizations, including the National Association of REALTORS, the Massachusetts Association of REALTORS, the Greater Boston Association of REALTORS, the Maine Association of REALTORS, and the Medford Chamber of Commerce. An active member of the RE/MAX Andrew sales team, she is a regular participant at numerous community events. Additionally, McTague is a member of the Medford Jingle Bell Run Committee and a member of the Thursday Fortnightly Club. She is also a contributor and past participant of the Avon 2 Day Walk for Breast Cancer.

For more information about Jill McTague, please visit: www.DebontheWeb.com.

– Submitted by RE/MAX Andrew Realty Services

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