PROPERTY TAX RATES
Per Thousand

Fiscal Year 2023 Tax Rates
Residential- $14.21
Commercial, Industrial & Personal Property- $18.37


Fiscal Year 2022 Tax Rates
Residential -$14.52
Commercial, Industrial & Personal Property -$18.84

Three factors determine the property tax rate.

1. The property tax levy.
2. The total assessed value of the community.
3. Classification

PROPERTY TAX LEVY

The tax levy is the amount of money to be raised by the property tax. Each year the amount to be raised must be determined is accordance with Proposition 2 ½. This is computed by taking the total of the previous year's tax levy increase by 2 ½ percent, plus overrides, exclusions, and growth. Increases due to growth are based on the increased value of developments, additions, renovations and other growth in the tax base that is not the result of an increase in value due to market forces. An example of other growth would be a formerly tax exempt property which becomes taxable. The purpose of this provision is to recognize that new development results in additional municipal costs.

A debt exclusion is that amount of money needed to pay the principal and interest on the dept incurred for special projects approved by referendum for exclusion from Proposition 2 ½ limits.

DETERMINING THE TAX RATE

The tax rate is calculated by dividing the total amount to be raised by the total assessment of all property divided by 1,000.

Tax rate = Tax levy (or net amount to be raised) / Total Assessment Value/ 1,000

The tax rate is expressed in terms of dollars per 1,000. For example if a home is assessed for $376,000 and the tax rate is $14.99, the tax bill would be computed as follows:

$14.99 x (372,424 / 1,000) = $5582.64

Foxborough recently adopted a split tax rate for fiscal 2012 (July 1, 2011 - June 30, 2012). A split tax rate shifts some of the tax burden from residential to commercial property. The Board of Selectmen decide this policy annually as per state law. Generally, if values are rising, the tax rates will drop, conversely if values drop, the tax rates will raise.

The amount to be raised through taxation is determined by Town Meeting and the provisions of Proposition 2 ½. The tax rate and the residential exemption are voted on every year by the Board of Selectmen.