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City Council sets new Fall River property tax rates for fiscal year 2024
At a meeting held this month, the Fall River City Council approved the new property tax rates for the upcoming fiscal year.
During the public hearing that took place before the council meeting, the Board of Assessors stated that growth has continued in Fall River with home values increasing.
The city’s net worth was stated to be valued at over $9.7 billion in property values with over 2.9 million in new growth from last year.
Fall River City Councilors approved the 1.75 tax shift for fiscal year 2024 which was the recommendation by the Board. It is the same shift as last year.
Despite a decrease in the tax rate from $12.27 per $1,000 to $11.49 per $1,000 evaluation, the rate for a median $342,100 home will result in a tax increase of just over $88 dollars. The median home price for fiscal year 2023 was $313,150.
The tax rate for commercial properties will also decrease from $25.77 per $1,000 to $23.94 per $1,000 evaluation.
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Paul Oliveira
November 27, 2023 at 8:52 pm
Keep raising the taxes for homeowners !! Commercial property owners keep getting the breaks . We can’t afford any more increases !
Checo
November 28, 2023 at 9:48 am
When home values dropped dramatically around 2008 we didn’t see a reduction of value, we did see an increase in taxes. Now were seeing the double whammy of the valuation increase and tax increase.
Go look up what local pols homes are ‘valued’ at on the tax rolls and look at your own.
Joe Carvalho
November 30, 2023 at 9:46 am
With all of the increased revenues from the hundreds of market rate housing units in addition to new housing and many new homes, one would think that homeowners would get a break on property tax increases when just the opposite is true. The millions of dollars that the city received in American Rescue Plan Act funds has not made a financial impact for homeowners though I know that this administration will claim that redoing sidewalks and streets somehow offsets these increases in Evaluations and property taxes. If you believe that then I have swampland that I want to sell you!