New Bedford Homeowners to See Smaller Tax Rate, Increase in Bill
NEW BEDFORD — The New Bedford City Council unanimously voted to lower the City's tax rates for residential and commercial property owners Tuesday night.
The Council voted to set the Fiscal Year 2019 tax factor of 174, translating to $16.47 per $1,000 of valuation for residential property owners. That's a $.16 decrease from Fiscal Year 2018's rate of $16.63.
The commercial rate was set at $34.84 per $1,000 valuation, $.81 lower than last year's rate of $35.65.
However, homeowners will likely see an average increase of $220 in their annual tax bill, since property values have increased.
Commercial property values have remained stable throughout the past year.
The minimum tax rate the Council could have set was a factor of 175. At that tax factor, homeowners still would have seen an average annual increase in their property taxes of $209.