Tisbury’s select board voted 2-0 on Wednesday to fatten the town’s residential tax exemption from 18 percent to 22 percent. The change comes as Tisbury’s average assessed value has jumped 35 percent for fiscal 2023. Tisbury finance director Jonathan Snyder later told The Times the average assessed value for a home in Tisbury is now $1,435,392.
Based on that value, homeowners who don’t qualify for the residential exemption in ’23, i.e., seasonal homeowners, would pay $10,507 in annual taxes. For the same assessed value, homeowners who do qualify in ’23 for the residential exemption would pay $8,196. Snyder said the fiscal ’23 tax rate for Tisbury is $7.32 per $1,000.
The board opted not to change how commercial properties are taxed (and industrial properties, and personal property). Presently, Snyder said, those properties have a 0 percent exemption. Since “91 percent of the value is in residential properties,” Snyder said, asking for more from commercial properties wouldn’t be very impactful. Conversely, he said, “any commercial shift would increase the tax burden on commercial, industrial, and personal property.”
The total assessment for residential properties in Tisbury for fiscal ’23 is $4.2 billion, and the total assessment for all properties is $4.6 billion, according to Snyder.
We should have gone to 35 percent which the state allows. The exemption is a tool given to us by the state legislature which can help with the housing crisis, by charging more to non residents who either can afford a second home here or purchase a home for investment and not live here year round. If we are to solve the housing crisis we must use every tool allowed to us, if the state allows us to have 35 percent off or taxes for year rounders we are foolish not to take advantage of the opportunity, if you are worried about someone selling their second vacation home here because of the taxes maybe someone that lives here year round and works and lives their life here as part of the community could buy it. And just maybe the increase in tax for non residents on their purchases could cause the housing market to cool down.
I seem to recall a story from a few hundred years ago about a bunch of people throwing a bunch of tea into a harbor because they were being taxed without representation.
One person, one vote.
Where ever you claim primary residence
The other tool available is already law in the Commonwealth of Massachusetts. Commercial property in residentially zoned areas should have a higher rate of property tax. All of the houses owned only for rental fall into this category. Eric is absolutely right. We need to use everything available. The law is already in force.