The value of the average single-family home in Salisbury was at its all-time high in 2007, at $360,359. The descent has been steady ever since, as has the rise in tax rate, going from $8.18 per $1,000 of assessed value in 2007 to this year’s $11.51.
Only condominiums saw increases in value when compared to last year, Gorniewicz said. Last year, the average value of a Salisbury condo was $265,445, but it rose to $270,736 this year. Gorniewicz said the reason is again due to recent sales. A few expensive oceanfront condos were sold in the last year, driving up values.
As a result, condo owners with property values near the average will see their tax bills go up about $200, to $3,116, according to Gorniewicz’s estimates.
The average value of a commercial property dropped from $480,135 last year to $459,218. Those commercial owners will experience about a $19 increase in taxes, from $5,267 last year to $5,286, given the new rate.
The average industrial property dropped in value from $840,147 to $818,274 this year. With the rate increase, those owners will see their tax bill rise about $202 this year, to a total of about $9,418.