Chief Assessor and Chairman of Somerville Board of Assessors, Marc A. Levye, reported his findings to the Board of Alderman.

By Douglas Yu

The residential value in Somerville will increase over 10 percent in the next fiscal year, according to the findings of the most recent Board of Alderman public hearing. However, the city is also going to raise the property tax at the same time, especially on condominiums.

“Real estate in Somerville is vibrant and strong,” Somerville Mayor Joe Curtatone said during the classification hearing. He suggested, however, that the increase of the property value causes a burden for some residents in the neighborhood.

“As Somerville grows more desirable, it’s a sign that we must remain vigilant in our pursuit of policies that will keep our tax bills manageable,” Curtatone said.

The mayor also gave assessment key updates, including new tax relief for Somerville’s active guardsmen and reservists, new 35-percent residential exemption (http://www.somervillema.gov/sites/default/files/Res-ExemptionFY2014.pdf) that gives Somerville the largest residential exemption in the state, zero record of seeking for override over the past 15 years.

In addition, 56 percent of the new tax, which amounts to over $2.2 million, is from commercial sources, 37 percent of will come from the development of Assembly Row, according to the hearing.

As a result of the key assessment updates, the average two-family homeowner will see a tax increase of $199 instead of the originally estimated $462, not to mention the $6 million increase in stabilization funds and the highest bond rating ever.

On the other hand, Somerville continues investing in local schools in response to a values driven budget. Curtatone pointed out that 30 percent of the general fund will be spent in the School Department in the next fiscal year.

As Greater Boston became the most gentrified area in the country, the City of Somerville also came up with strategic plan (http://www.thesomervilletimes.com/archives/53238) to support life-long Somerville residents, as addressed by the mayor’s Sustainable Neighborhoods plan last month.

During the hearing, the Chief Assessor and Chairman of Somerville Board of Assessors, Marc A. Levye, gave a report regarding the adoption of Tax Levy Percentages for FY15, including a minimum residential factor, a residential exemption, and an additional statutory exemption (http://www.somervillema.gov/departments/finance/assessing/statutory) of up to 100 percent.

“The residential values on one, two, three family and condos are about 11 to 12 percent up from what they were than last year, commercial and industrial about 1 percent, and commercial property about 8 percent,” Levye said.

In FY2015, the Board of Alderman in Somerville will adopt a minimum residential factor, approve a residential exemption of 35 percent of average assessed value for owner occupied properties and vote an additional statutory exemption of up to 100 percent.