Fall River sees unprecedented property tax revenue growth as tax rate to decrease, but property owners will still see increase

Despite a drop in tax rates, Fall River homeowners will see an increase in residential taxes due to higher property values.

Fall River City Councilors Tuesday at a vote of 8-0 (Linda Pereira was not present) approved a 1.75 tax shift for fiscal year 2022, the cheapest option for homeowners.

In fiscal year 2021, the average tax rate for a single-family home in Fall River was $13.83 with an average value of $251,600 leaving an average tax bill of $3,479.63.

The average Fall River single-family homeowner for fiscal year 2022, based on a new average property value of $283,900, will see a tax increase of $103.19 based on a rate of $12.62.

The property value of the average Fall River home for tax purposes increased by $32,300 in the last year.

The average tax rate for commercial property owners in fiscal 2021 was $29.70 with an average property value of $647,100. The average tax bill was $19,218.87.

Commercial property owners will see an average tax decrease of $609.94 based on a new average property value of $688,200 at a rate of $27.04.

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Fall River continues to show 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 city saw a $3.37 million increase.