The municipal levy imposed on actual property inside the metropolis of Somerville, Massachusetts, is set yearly and expressed as a proportion of the property’s assessed worth. This levy funds important metropolis companies reminiscent of colleges, public security, and infrastructure upkeep. For instance, a price 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 function in funding the operational price range and capital enhancements inside the group. 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 provide insights into town’s fiscal well being and priorities over time. Fluctuations can mirror shifts in budgetary wants, financial circumstances, and native property valuations.
