Despite a struggling economy and slumping housing market nationally, Waltham only saw a slight dip in its total real estate value in fiscal 2009 from the previous year.
The total valuation of all properties stood at just over $8.9 billion in fiscal '09, down from a little more than $9 billion or so in fiscal '08, said Joe Goode, chairman of the Board of Assessors.
Buoyed by a strong commercial base, Waltham is "holding up a lot better" than other cities and towns, Goode said.
"We're only seeing in neighborhoods a 2 or 3 percent drop from the previous year," Goode said.
The strong commercial tax base is keeping property tax bills for homeowners low compared to surrounding communities, Goode said.
The average homeowner's tax bill this year is $3,565, up $184 from last year's charge, he said.
In November, under the city's split tax rate, the council voted to shift the highest percentage of the tax levy allowed by state law to commercial and industrial property owners. The council also passed a residential exemption of 20 percent of a home's assessed value, lowering the taxable value of a house by an average of $85,188. This year homeowners will pay $11.30 per $1,000 of assessed value - up from $10.55 last year - while commercial and industrial property owners will pay $25.31 per $1,000 of assessed value, which is up from $23.21.
Goode said the city's business corridor along the Rte. 128 belt, is still relatively healthy compared to business sectors across the rest of the state. "(Rte.) 128 is getting good ratings, even better than Boston, as far as vacancies and rents," Goode said.
PDF: The city's assessed valuations for Fiscal '09, by street
The total residential valuation in the city for fiscal '09 is $6.12 billion, down from $6.25 billion in fiscal '08.
"What skews that number is that we've added a lot of new condo valuation," Goode said.
Goode said the city added $54 million onto its tax rolls for condominiums this year. For only single-family homes, the total valuation stands at almost $3.46 billion for fiscal 2009, down from about $3.53 billion the previous year. While he wasn't sure of the city's current ranking, Goode said Waltham typically hovers in the top 10 among all cities and towns in the commonwealth in terms of total real estate valuation.
Richard Conn can be contacted at 781-398-8004 or rconn@cnc.com.
