Wellesley Public Schools: Fiscal Year 2026 Budget
Like many other high performing Massachusetts school districts, Wellesley spends significantly more local funds on education than required by the net school spending formula. This may be the result of strong in-district special education programs; competitive salaries; an elementary Spanish program; a comprehensive class size policy; diverse course offerings at all academic levels; and an emphasis on maintaining highly qualified educators. Prior to 1991, Massachusetts had a separate tax rate for education at the municipal level. The current tax rate of the Town supports educational and municipal expenditures and is set by the Town Assessor’s Office, with approval by the Massachusetts Department of Revenue, on an annual basis. The information below related to taxes is obtained through the Massachusetts Department of Revenue, the Town of Wellesley, and other publicly available sources. Property Taxes Wellesley relies heavily on local revenue sources to fund the public schools. In 1980, a ballot initiative in Massachusetts to limit the growth of local property taxes passed. This law, referred to as Proposition 2 1/2 2 , went into effect in 1982. The personal property tax may not increase more than 2.5% of the prior year's levy limit, plus new growth and any overrides or exclusions. A community may vote to allow for a Proposition 2 ½ override vote to permanently increase the tax burden. Below is a table showing the historical property valuations and tax rates:
Category
FY’20
FY’21
FY’22
FY’23
FY’24
Population 3
29,000 16,194
29,673 17,208
29,550 17,890
30,191 19,055
30,524
Number of Voters 4 19,214 Valuation of Residential $10,908,678,000 $11,072,021,000 $11,626,593,000 $12,824,125,000 $14,633,876,000 Valuation of Commercial $1,490,134,000 $1,494,659,000 $1,517,327,000 $1,700,429,000 $1,685,511,000 Valuation of Industrial $6,543,000 $6,543,000 $6,543,000 $7,358,000 $7,867,000 Valuation of Pers. Prop. $128,979,400 $142,724,500 $154,922,000 $152,211,900 $172,981,800 Total Assessed Valuation $12,534,334,400 $12,715,947,500 $13,305,385,000 $14,684,123,900 $16,500,235,800 Res. Tax Rate/$1,000 Valuation $11.56 $11.75 $11.68 $11.45 $10.41 Wellesley has one tax rate for all classifications: residential, commercial, industrial, and personal property. With the single-family home values increasing in FY’24, the tax rate will be reduced to $10.41/$1,000 valuation. The median assessed value of a single-family home is approximately $1.59M. Residential taxes account for 88.69% of Wellesley’s tax base with the commercial and industrial sectors accounting for 11.31%. According to the Massachusetts Department of Revenue, Division of Local Services, the property tax is “an assessment on the ownership of real and personal property. An owner’s property tax is based on the assessment, which is the full and fair cash value of the property. 5 ” Below is a historical view of the tax levy and associated collections.
2 Massachusetts General Law Ch. 59 § 21C 3 Massachusetts Department of Revenue, Division of Local Services 4 Town of Wellesley, Town Clerk. 5 https://www.mass.gov/guides/massachusetts-municipal-property-taxes
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