Editor’s note: An earlier version of this article stated that the widely circulated claim that “the average Hopkinton homeowner will see an increase of $952 at the highest year” was incorrect. Without going too far into the details of how property tax is calculated, this analysis was based on the 2023 town valuation of $5,504,899,927. For 2024, the Board of Assessors raised the valuation to $6,268,822,793, the consequence of which is to essentially leave the average property owner’s peak year unchanged, should the Elmwood school replacement project be approved.
On November 7, 2023, The Board of Assessors penned a memo to the Select Board in advance of their appearance before the board. The Assessors noted that the average Hopkinton home has increased in value from $753,300 to $852,400, up $99,100 (13%) over the 2022 assessment.
HopNews built an interactive calculator to help you determine your personal tax increase based on the value of your home, should the Elmwood school replacement project be approved.