Despite a drop in tax rates, homeowners will see an increase in residential taxes due to higher property values.
Fall River City Councilors Tuesday approved a 1.75 tax shift for fiscal year 2021 compared to a 1.71 factor from last year.
Mayor Coogan, along with the City Council, felt that due to the circumstances surrounding the pandemic, the rate should be lowered.
According to CFO Mary Sahady, the average Fall River homeowner, based on a property value of 251,600, will see a tax increase of $116.53. If the tax factor would have been left at 1.71, homeowners would be paying $156.97 extra on average.
Commercial property owners will see a tax decrease of $306.90 based on an average value of $647,000. If the factor was left at 1.71, commercial property taxes would have decreased by over $700.
Richard Gonsalves, the Board of Accessors Chairman, stated in last evening’s meeting that the City is seeing tremendous single family growth which included 75 new homes at an evaluation of $350-400,000. There has also been a tremendous increase in multi-family homes.
Gonsalves went on to say that Fall River is becoming a strong housing market compared to other area cities and towns due to the lower tax rate, cheaper prices, and the SouthCoast Rail project.
The property value of the average Fall River home increased by almost $20,000 in the last year.