The municipal levy imposed on actual property throughout the metropolis of Somerville, Massachusetts, is set yearly and expressed as a share of the property’s assessed worth. This levy funds important metropolis providers corresponding to colleges, public security, and infrastructure upkeep. For instance, a charge 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 function in funding the operational funds and capital enhancements throughout the neighborhood. The steadiness and predictability of this income stream permits town to take care of service ranges and plan for future investments. The speed’s historic trajectory can supply insights into town’s fiscal well being and priorities over time. Fluctuations can replicate shifts in budgetary wants, financial circumstances, and native property valuations.
