The municipal levy imposed on actual property throughout the metropolis of Somerville, Massachusetts, is set yearly and expressed as a proportion of the property’s assessed worth. This levy funds important metropolis companies akin to faculties, public security, and infrastructure upkeep. For instance, a price of 1.5% on a property assessed at $500,000 would end in an annual tax of $7,500.
This municipal cost performs an important position in funding the operational finances and capital enhancements throughout the neighborhood. The steadiness and predictability of this income stream permits the town to keep up service ranges and plan for future investments. The speed’s historic trajectory can supply insights into the town’s fiscal well being and priorities over time. Fluctuations can replicate shifts in budgetary wants, financial circumstances, and native property valuations.
