Mayor Arrigo Announces ARPA Housing Assistance to Homeowners - Housing Stabilization program is an ARPA-funded one time initiative to grant $250 payments to homeowners of owner-occupied properties
December 28, 2021
Revere Tax Rate Set for 2022, New Development & Increased Home Values Drive Growth
REVERE, MA – In a letter to Revere taxpayers, Mayor Arrigo announced the City of Revere ARPA Housing Assistance Program - an ARPA-funded initiative to grant $250 payments to owner-occupied properties to address rising housing costs. The program will be targeted towards owner-occupied properties in Revere. The city will be announcing more details in the coming weeks about who qualifies for the program and how to apply, and all information will be updated on the www.Revere.org/ARPA webpage.
In November the Revere City Council voted in favor of a new residential tax rate of $10.40 per $1,000 and a commercial/ industrial/ personal property rate of $20.56 per $1,000 for 2022. While the average single-family assessment is increasing by 12.4%, leading to a property tax increase, the growth of new development has supported additional investments through projects like the new high school, DPW building, the Point of Pines Fire Station, and overdue infrastructure repairs to our roads, sidewalks, and water systems.
“Our city's growth is a testament to the strength of our people. While our property values increase, we are able to make necessary infrastructure improvements and equitable city programs for all those that live, work, and raise a family here in Revere,” said Mayor Brian Arrigo. “We will continue to support our residents every way we can, through one time funding opportunities and building efficiency in our government systems to reduce the economic burden on our taxpayers. Revere should be a city for all our residents, not just a select few.”
Surrounding communities also had increases to their tax rate. The owners of an average single-family home in Quincy will see property tax bills rise about $230, those in Salem will see a $97 increase for single-family homes. In Lynn, bills will increase $313 and in Saugus, the increase is $345. Most of the mentioned cities also attributed to rapid growth of residential values in Boston and the surrounding communities.
Without $278,771,175 in new development that generated $4,016,375 in taxes that did not previously exist, the average single-family bill in Revere would have increased $458.
The Revere Board of Assessors attributes much of this year’s increase to the rise in residential property values. “The average single family home value has increased from $420,890 last year to $473,054 this year,” said Dana Brangiforte, Chairman of the Revere Board of Assessors. “The average commercial value has also increased from $1.4 million to $1.6 million during the same time period.”
Those with questions about housing assessments are encouraged to reach out to the City of Revere Assessor’s Office at 781-286-8170.