Newton property owners will get a chance to weigh in on how the city divides its tax burden between homeowners and businesses at a public hearing Monday, Nov. 16.

The Finance Committee will take up the fiscal year 2027 property tax classification at 7 p.m. in City Council Chambers, Room 207, according to the committee's agenda. Mayor Marc Laredo submitted the request, listed as item #351-26, asking the council to approve FY2027 distribution percentages among residential, open space, commercial, industrial and personal property classes.

The classification vote determines what share of the total tax levy falls on homeowners versus commercial and industrial property owners. Newton carried the third-highest tax levy in Massachusetts for FY2026, behind only Boston and Cambridge, according to the hearing packet prepared by the Assessing Department.

The packet, assembled by Director of Assessing Jim Shaughnessy and dated Nov. 13, puts Newton's total assessed property value at roughly $46.06 billion. Another $5.49 billion in property is tax-exempt. Shaughnessy noted the figures are preliminary and subject to minor changes before the hearing.

Home prices keep climbing

The city's housing market data underscores the stakes. The median single-family sale price in calendar year 2025 hit $1,850,000, with an average sale price of $2,134,726. Of the single-family homes sold in 2025, 91.61% went for more than $1 million. Nearly 44% sold for more than $2 million, and about 17% topped $3 million.

Rising values have pushed tax bills higher. The hearing packet shows the median single-family property tax bill increased $3,671.94 over the past five years and $6,324.71 over the past 10 years. The packet also notes debt exclusion overrides that took effect starting in FY2025, along with earlier overrides in FY2014 and FY2015.

How to participate

Finance Committee Chair Rebecca Grossman will lead the Nov. 16 session. The meeting is hybrid. Residents can attend in person at Newton City Hall, 1000 Commonwealth Ave., or join via Zoom at https://newtonma-gov.zoom.us/j/88964508173. The call-in number is 646-558-8656, meeting ID 889 6450 8173.

Residents who need accommodations can contact the city's ADA coordinator at [email protected] or 617-796-1440 at least two business days before the hearing.