SEABROOK — Falling property values and the decline in worth of the nuclear power plant are resulting in a rise of $1.37, or 11.8 percent, in Seabrook's 2009 tax rate, as the tax rate migrates up from $11.58 to $12.95 per thousand dollars of assessed value.
The average single-family home assessed at $286,000 will see an increase of more than $200.
With the exception of beach district properties near the ocean, the average residential property in town dropped in value by 5 percent, Town Assessor Angela Silva said. Last year, the average home was assessed at $301,000.
Some commercial and industrial properties saw their values increase, in conjunction with the real estate markets pricing of prime retail property, such as Seabrook's large retail district along Route 1.
The largest difference affecting the tax rate, however, was the lowering in value of the Seabrook nuclear power plant, which decreased to $1.335 billion, or about 20 percent lower than last year. The lower 2009 valuation reflects the changes in the energy industry in the past year and the lowering of overall energy prices.
Last year, due to the increase in energy prices, the power plant's assessed value rose from $1.043 billion in 2007 to $1.65 billion in 2008, about a 58 percent increase. That increase was primarily the reason why Seabrook's tax rate fell by 11.5 percent in 2008 to $11.58 per thousand.
The decline in residential property values is due to the recession, which has seen the prices of land and homes plummet over the past two years. The result has caused tax rates in most communities to rise to pay for town services, even though many communities are cutting budgets as revenue dwindles.
Even with the rising tax rate, because of the reduction in the valuation of most residential homes in town, most taxpayers will see a net increase in their taxes of about 6.8 percent.
Although this is an increase in the tax rate, property taxes paid for 2008 and 2009 still represent a net decrease compared to the amounts paid in 2007 by most residential property owners, Silva said.
Seabrook's tax rate has a number of components in addition to the municipal rate. Also included in the tax rate is the local school rate, the statewide education property tax rate and the county rate.
Bills will be going out as soon as possible and are due at the tax collector's office 30 dates from receipt, which this year will take the due date to after the beginning of 2010. However, Town Manager Barry Brenner advises residents that to take a deduction for local property taxes on their 2008 tax return, bills must be paid by Dec. 31, 2009.
Average Single Family Home
AssessmentTax RateTax Bill
2007$301,000$13.08$3,937
2008$301,000$11,58$3,486
2009$286,000$12.95$3,704
Average Mobile Home
AssessmentTax RateTax Bill
2007$78,000$13.08$1,020
2008$74,000$11,58$857
2009$70,000$12.95$907
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