The Fall River City Council last night set real estate tax rates for FY 2022. 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 $12.62 per $1,000 valuation, a drop from $13.83 for FY 2021. The commercial rate dropped to $27.04 per $1,000 valuation, compared to $29.70 last year.
The value of property rose across the city, with the average residential property valued at $283,900, up from $251,600 a year ago. Based on the new rate, the average residential tax bill will be $3,582.82 an increase of $103.19 for the year. The average commercial property value also rose, but not at the same rate as homes. The average value of commercial property sits at $688,200, compared to $647,100 from a year ago. Commercial property owners at that value will see a tax bill of $18,608.93 a decrease of $609.94.
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