The Fall River City Council last week set real estate tax rates for FY 2024. Even though rates will drop, homeowners will likely see higher tax bills as the value of their property continues to rise.
In setting the rate the council voted to shift the burden of taxation to commercial property owners at the highest allowed factor of 1.75. The residential tax rate approved by the council for the year is $11.49 per $1,000 valuation, a drop from $12.27 for FY 2023. The commercial rate dropped to $23.94 per $1,000 valuation, compared to $25.77 last year.
The value of property rose across the city, with the median residential property valued at $342,100, up from $313,150 a year ago. Based on the new rate, the residential tax bill based on the median value will be $3,930.13, an increase of $88.38 for the year.
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