After exhibiting 5-6% increases for the past two years due to the construction and bonding for the new Longmeadow HS, average FY2014 tax bills are only 2.7% higher than FY2013.
FY2014 mean property assessments in Longmeadow showed a significant drop as shown in Figure 1. Over the two past years Longmeadow assessments have decreased about 9.2% (from $359K --> $326K). It is interesting to note that the state average showed a significant increase.
|Figure 1- Historical Single Family Property Values|
(click to enlarge chart)
In Figure 2, both actual and predicted mean property taxes (--> year 2020, assuming 2.5% growth + no Proposition 2½ overrides) are shown for Longmeadow.
|Figure 2- Actual vs. Projected Property Taxes for Longmeadow|
|Figure 3- Comparison of Western Mass Property Taxes|
Longmeadow vs. Wilbraham, East Longmeadow and Hampden
- In a town like Longmeadow where single family property values range from $120K to $1.7 million, median values (half the values are higher and half are lower) are a more useful measure than mean or average values when comparing property taxes.
- For FY2014 the mean value of property taxes for Longmeadow is $7558 while the median value is $6540.
- The State of Massachusetts as well as the Town of Longmeadow always refer to the mean value of residential property. In FY2014 the "mean" or average value for single family homes in Longmeadow is $326,500.
- While the Mass DOR does not publish mean property values, individuals can obtain the information from their local assessors office which I did. It turns out the "median" property value assessment in Longmeadow for FY2014 is only $282,600 (data as of December 2013). (median: 50% are higher, 50% are lower).
FY2014 budget discussions are already ongoing with the Select Board and School Committee. Initial indications are that there is a significant shortfall in revenue to fund even existing programs.
Stay tuned to the LongmeadowBuzz blog.