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Milford Sets 2014 Tax Rate; Slight Rise for Average Single Family Home

Milford Selectmen recently set the 2014 tax rate at $17.69 for each $1,000 of assessed value for residential; $30.68 for commercial and industrial properties.

Residential properties in Milford lost value on average in 2013. Credit: Mary MacDonald
Residential properties in Milford lost value on average in 2013. Credit: Mary MacDonald
The average single family homeowner in Milford will pay a bit more in real estate taxes in 2014, under new tax rates set recently by Milford Selectmen.

The 2014 fiscal year tax rates are $17.69 for each $1,000 of assessed property value for residential property owners; $30.68 for each $1,000 for commercial and industrial property owners.

For a single family house, the average tax bill will rise .76 percent, to $4,489.16. That's an increase of about $34 a year over last year's taxes.

For commercial properties, the average tax bill will rise 4.7 percent, to $23,122. That's an increase of about $1,031 from last year.

Residential properties cover about 77 percent of the town's tax base, with commercial and industrial properties making up the remainder.

For the last several years, Milford single family home values have dropped in assessed value, and that pattern continued this year. The average value is now $253,768, down 3.4 percent from last year's average assessed value of $262,841.

In comments to the Milford Selectmen, Milford Assessors Administrator Priscilla Hogan said she believed the market had hit bottom and that next year, the values would rise.

"I'm suspecting the market has made its turn and that next year you will see an increase in values," she said.

The total worth of the town is now $2,742,732,915.

Three kinds of properties gained value on average, according to Hogan. These include condominiums, multi-family residential and industrial properties.

Milford has 1,578 condos, which are worth an average of $171,416, an increase over last year of 8 percent. But this figure is increased by the introduction of 38 new condos that were either built or rehabbed in the past year.

Milford has 150 multi-family properties, which are residential properties with more than three living units. This property now has an average value of $691,256. But this figure, an increase of 6 percent from last year, was influenced by the $4.5 million addition of Cornerstone at Milford, an assisted living facility.

The industrial property also rose this year, to an average value of $1.1 million. But this figure, an increase of nearly 7 percent, reflects $11 million in new value through the new Milford Water Company treatment plant, Hogan said.

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