Malden discussion on raising residential tax exemption from 30% to 35% focuses on homeowners, large apartment complexes and renter impacts

City Assessor Nate Kramer told the Malden City Council that raising the city’s residential exemption from 30% to 35% would shift tax burden within the residential class and could increase savings for many owner-occupied homes while raising bills for higher-valued residential properties, including large apartment complexes.

Kramer said the exemption does not reduce the overall levy but “it stays in the residential class,” shifting value so lower-valued owner-occupied properties see tax savings while higher-valued residential parcels pay more. He illustrated that on current Fiscal Year 2025 numbers a $500,000 owner-occupied house would see about $2,003 in annual savings under a 30% exemption and that figure would rise to about $2,455 at 35% under the slides shown to councilors.

Councilors debated the distributional effects. Councillor Spadafore argued the change targets savings toward lower-valued owner-occupied homes and away from absentee landlords and large apartment owners, saying, “I am 100% in support of this.” Councillor Simonelli raised a concern that…