The Fall River City Council this week set the property tax rate for homeowners and businesses for FY2023.
Richard Gonsalves, chair of the board of assessors, says Fall River experienced extraordinary growth in property values over last year, with house values up by 12% and commercial property up by a little over one percent and personal property rising 59%
That has resulted in new growth at a 20-year high of $3.7 million dollars. Mr. Gonsalves says Fall River has become a wise real estate investment for residents and investors.
What does this mean in tax increases this year? Mr. Gonsalves has an overview as to what homeowners will pay based on a house with a median value of $313,150.
Included in the tax bill is the first installment of taxpayers’ share in paying for the construction of the new B.M.C. Durfee high school.
Voters approved a debt exclusion to raise taxes to pay for the school in 2018.
Video Courtesy Fall River Government TV
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