SOUTHBOROUGH – Southborough homeowners can expect higher property tax bills next year, with the average single-family home’s annual tax bill increasing by approximately $713, or just over 5 percent.
Property values have continued to climb in town, with the average single-family home now valued at more than $1 million, compared with approximately $690,000 in 2022.
The increase is attributed to higher property valuations, an increased tax rate, and limited industrial development to offset the residential tax burden.
Town officials are hoping future commercial projects could provide some relief. The proposed Costco development is projected to generate nearly $500,000 in new tax revenue in 2027, potentially expanding Southborough’s commercial tax base.
