During the meeting, the board discussed a projected property tax rate of $7.45 per $1,000 of assessed value. Despite this increase, the board expressed confidence that Newbury would maintain one of the lowest property tax hikes in Essex County. The board attributed this to the stable growth of single-family homes in the area, with values rising by 6.4%, and condominiums seeing an even greater increase of 12.2%. The residential class overall is anticipated to rise by 6.7%.

Further analysis revealed that the town’s growth fell short of its three-year average, with just over $200,000 in growth. However, the board noted that property values, particularly on the island, continue to rise, though some less desirable areas might see stabilization.

The board also reviewed the minimal impact of shifting the tax rate for commercial and industrial properties. With only 63 commercial properties and 16 industrial sites, it was concluded that any shift would offer negligible relief to residential taxpayers.