Property taxes are going up for homeowners in Somerville. In a unanimous vote on December 5, aldermen approved 2008 property tax rates for commercial and residential taxpayers. Under the new rates, the average owner-occupied two-family home will see an annual tax increase of $47 or 1.2 percent, the average one-family home will see an increase of $55 or 1.9 percent and the average condominium tax bill will increase annually by $9 or 0.5 percent.

In a presentation to the Board by City Assessor Dick Brescia and his staff, Assistant Assessor Marc Levye noted that, while property values were down across the region, Somerville‚Äôs real estate prices were more stable than those in many other areas.  ‚ÄúIf you‚Äôve been following all of the media reports, they paint quite a ‚Äògloom-and-doom‚Äô picture for the market in general, but they also show that, here in Somerville, we‚Äôve held our own.  We‚Äôve fared better than a lot of communities and, while we‚Äôre definitely down from last year, we haven‚Äôt taken quite the hit that other communities have,‚Äù Levye said.

Mayor Joseph A. Curtatone said most of the city‚Äôs taxpaying property is residential forcing the tax burden onto homeowners. 

“In Somerville, we’re gradually building our up our commercial base but 85 percent of our taxpaying property is residential. Since 2001, however, we’ve minimized the impact of
property taxes on homeowners with a 30 percent residential exemption. We also offer specific exemptions for seniors, veterans and the disabled.‚Äù 

The Board also voted to renew all of the city‚Äôs residential tax exemptions for the coming year. The new residential tax rate will be $10.95 per $1,000 of assessed valuation.