Property Tax Rate is Down

By Sue Ellen Woodcock

Between the increase in real estate values and new growth in the City, the residential and commercial property tax for fiscal year 2017 is a bit lower.

The City Council, on the advice of the city assessors and Director of Finance George Anzuoni, set the new tax rate for fiscal year 2017 at $13.99 per $1,000 of valuation of residential property and $27.53 per $1,000 of valuation for commercial property.

Last year’s tax rate was $14.45 for residential and $28.70 for commercial.

“Just because the rate went down doesn’t reflect a decrease in tax bills,” said Councillor John Powers. “We have to raise money for city operations.”

Both rates went down due to increasing real estate values and $1.8 million in new growth. Of that new growth about $1.1 million was due to new residential property and there was about a 1 percent increase in commercial growth.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.