In a 7-3 vote, the City Council set the 2015 tax factor to 173 Tuesday evening. The increase will result in higher taxes for both home and business owners.

Councilor Linda Morad says this increase should have been prevented earlier this year.

The increase will raise the average residential tax by 5% or around $139.

Commercial tax rates will rise by 8.13%, or nearly $1,000.

The Council says the increase is largely due to the increase in school funding this fiscal year.

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