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Westwood Minute is posting this comment at the request of Professor Peter T. Ittig. The following post represents the views and opinions of Professor Ittig, and not necessarily those of Westwood Minute. Thanks to Professor Ittig for sharing this post.
Final property tax rates and assessments have been approved for Fiscal Year 2023 for Westwood. You may see your new assessment online at:
You may calculate your total FY2023 tax by multiplying your new assessment by 0.0143, the new tax rate ($14.30 per thousand).
Property taxes on the average home in Westwood will increase by about 6.25% for the current fiscal year 2023. Your “preliminary” (estimated) tax bills for the first two quarters of the fiscal year did not fully incorporate this increase, so the “actual” tax bills for the remaining two quarters must make up the difference. You will receive the first of these bills soon. Your actual property tax increase may vary a bit from 6.25% depending on whether your property assessment went up by more or less than the town average.
This tax increase does not include the effect of the Hanlon override, almost all of which will not hit our tax bills until next July, after the next Town meeting in May. This is because the first bond payments for those bonds won’t be made until sometime in the next fiscal year, starting July 1, 2023. I expect the Hanlon override to hit our “preliminary” tax bills dated July 1, 2023 (due August 1, 2023).
Also, the Hanlon project will be substantially more expensive than was projected at the time of the vote on the override. This is partly due to cost overruns but also because the Hanlon bonds were issued at a much higher interest rate than was used in the cost estimate provided to the voters at the time of the override.
Taxpayers may wish to consider these issues before voting on supplemental spending proposals at the next Town Meeting in May.
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