FALL RIVER – The Bristol County Chamber of Commerce is applauding the City Council of Fall River for setting the tax factor rate in 2018 below the maximum shift of 1.75% for the eighth year in a row. In 2018 the tax factor has been set at 1.70%. The approved shift equates to a competitive $31.14 per $1,000 commercial tax rate and a very low $14.63 per $1,000 residential rate.
At the City Council hearing the Bristol County Chamber of Commerce and Fall River Industrial Park leadership explained that consistent reduction of the commercial tax factor classification has served as a valuable tool toward encouraging expansion and improving Fall River’s business climate. This is particularly the case as companies such as Amazon, Gold Medal Bakery, Market Basket, Carl’s Collision, Raw Seafoods, Merrow Sewing, RDA Insurance, Blount, Matouk, RI Novelty and many others have recognized the value that Fall River offers. By lowering the commercial tax factor from 1.72% to 1.70%, Fall River sends a clear and compelling message of a competitive business climate.
Carl Garcia, Chair of the Board to the Bristol County Chamber, is very pleased with the progress made at improving the local business climate. “Having a competitive tax rate for businesses is a significant factor for encouraging local companies like Carl’s Collision to expand in Fall River.” Chamber CEO Rob Mellion agrees. Mellion emphasized at the City Council hearing that Fall River’s value as a place to conduct business is getting noticed nationally.
In the Chamber’s testimony it was disclosed that a national rating firm recently ranked Fall River as the best city of greater than 50,000 residents to start a business in all of New England. It was also announced that Fall River is ranked 26th best city to open a business in the entire United States! These high marks are a positive brand that is being marketed by the Bristol County Chamber of Commerce, along with a competitive tax factor and other incentives such the waterfront district, a medical zone, half a billion dollars in infrastructure upgrades, the state’s largest 43D District and transparent zoning that provides businesses with certainty.