The Fall River City Council has set real estate tax rates for FY 2025.
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 $11.45 per $1,000 valuation, a drop from $11.49 for FY 2024. The commercial rate dropped to $23.83 per $1,000 valuation, compared to $23.94 last year.
The median value of homes across the city is up from a year ago. The median value of a single-family home is now $385,588, compared to $342,900 a year ago. The median two-family home is now valued at $419,166 versus $375,900 last year. The median three-family home now has a value of $506,718, up from $477,200 for FY 2024.
At a public hearing last week, Fall River Board of Assessors chair Richard Gonsalves noted the city has realized new growth of $3.6 million based on multiple factors.
Video courtesy Fall River Government Television
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