Each annual property tax bill is calculated by multiplying the assessed value of the property by the current tax rate. The tax rate in Newbury is the same for both residential and commercial properties. Property taxes are due in four quarterly installments. The first and second tax bills of a fiscal year state the estimated tax, whereas the third bill is the actual tax bill. It is usually mailed to taxpayers in December. The third and fourth tax bills show the current assessment and the residential tax rate.
The tax rate is determined by the size of the town budget for the fiscal year (July 1st through June 30th). The budget is decided each year at Annual Town Meeting. Taxpayers are encouraged to attend Town Meeting and to vote on budget items, thereby setting budgets and, indirectly, the tax rate.