The municipal levy imposed on actual property inside 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 resembling colleges, public security, and infrastructure upkeep. For instance, a fee of 1.5% on a property assessed at $500,000 would lead to an annual tax of $7,500.
This municipal cost performs an important position in funding the operational finances and capital enhancements inside the neighborhood. The steadiness and predictability of this income stream permits town to keep up 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 mirror shifts in budgetary wants, financial circumstances, and native property valuations.
