MIDDLEBORO — The owner of an average valued home in Middleboro will pay nearly $500 more in taxes in fiscal year 2023, according to information provided by Town Assessor Ross Lawrence at the Oct. 17 select board meeting.

The average residential tax bill for one-family homes will be $6,147.97, an increase of $467.06 over the fiscal year 2022 bill of $5,680.91, Lawrence said.

The select board approved a separate tax rate of $14.24 per $1,000 in value for residential properties and $15.11 per $1,000 in value for commercial property. 

Home values have increased an average of 14.5 percent in the past fiscal year, Lawrence said. 

The average value of a single-family home in fiscal year 2023 is $431,739, compared to the average price of $369,130 in fiscal year 2022. 

This rise in housing values is a major factor in the lowered tax rate, Lawrence said. Taxpayers in fiscal year 2023 will pay $14.24 per $1,000 of home value, compared to the  fiscal 2022 rate of $15.38 per $1,000 of home value.

Because home values are higher, the rate per $1,000 in value has dropped.

The official tax rates need to be approved by the state, Lawrence said, but are unlikely to change by more than a penny or two due to rounding.