The City has set its property tax rates this week, and while the rates are down, taxes are expected to rise slightly.
Assessor Andy Iovanna said recent revaluations of property in the city showed an increase in values of, on average, about 10 percent. Meanwhile, the tax rate was set after key votes Monday night at the City Council, and the rates were down about 5 percent.
“Overall I see tax bills increasing slightly,” he said. “The tax rate went down about 5 percent so that’s why I say tax bills will be a little higher. Values have gone up and the rates are down.”
On Monday night, the City Council voted unanimously to add three appropriations totaling just more than $500,000 to the budget. After approving that, the Council voted to put on the maximum shift to commercial property – as is done every year.
In the end, the rates are as follows:
- $14.80 for residential
- $29.74 for commercial
Last year’s rates were $15.55 for residential and $31.55 for commercial.
Property values were particularly strong for residential multi-family buildings, Iovanna said.
Those properties had been particularly hard hit during the economic downturn.