The Fall River City Council last night voted to set real estate tax rates for FY 2021. Based on the latest valuations, local homeowners will likely see an increase in taxes while commercial owners may see a decrease.
The residential tax rate approved by the council is $13.84 per $1,000 valuation, a drop from the $14.45 rate of FY 2020. The commercial property rate will be $29.71 per $1,000 valuation, down from $30.61 last year. In the face of the financial burdens caused by the COVID-19 pandemic, the council voted to shift the burden of taxation to commercial property owners at the highest allowed factor of 1.75.
Despite the lower tax rates, homeowners can expect to see an average yearly tax increase of $116.53, based on the average home value of $251,600. Commercial property owners will see an average decrease in taxes of $306.90 based on an average value of $$647,000.
Board of Assessors chairman Richard Gonsalves told the council that the reason for the residential tax increase stems from the rise in residential property values recorded in 2019.
Comments are closed.