Seekonk to Set New Tax Rates

Town officials met on November 13 to set the new tax rates for 2025.

According to Lydia Cordeiro, the Chair of the Board of Assessors, FY’2025 total residential values increased at 6.1 percent from last year. FY’2025 total commercial/industrial values increased by .3 percent from last year.

Cordeiro told the Select Board the maximum levy for this year increased 3.6 percent. A levy is the revenue raised through property taxes.

The current residential tax rate is $12.35. The current commercial/industrial rate is $26.66. The current personal property rate is $26.59.

With a1.75 percent shift in the residential tax factor, anyone who owns a home worth $375,000 will be paying $4,631 in taxes. Anyone who owns a home worth $475,000 will be paying $5, 866 in taxes.

Cordeiro also presented a list of the top ten taxpayers for the FY’24 year. Algonquin Gas Transmission paid $1, 039,339,284 for personal property. Others on the list included RI Seekonk Holdings LLC, the owner of Greenbrier Condominiums with $844,040,096,  Seekonk Shopping Center which owns BJ’s, $683,618, 386, and Eversource Energy which paid $527, 670,573.

In addition, 22 commercial properties qualified for small commercial exemptions with a total value of $9.2 million. These exemptions are granted to businesses with less than 10 employees and an assessed valuation of under $1 million. The exemption does not exceed 10 percent of the value.

The state’s Department of Revenue reviews and approves the town’s values annually, completing a full audit or classification every five years. If the town’s values are not deemed “market value” they will not be approved, Cordeiro added.

“We need to have that revenue coming in on schedule,” Select Board member Justin Sullivan explained.