Residential and Commercial Taxes Going Up In New Bedford
The City Council has approved a tax factor that slightly favors commercial property owners. But Assessor Peter Berthiaume says the tax rates for both residential and commercial property will be going up.
The residential rate will go from $14.33 per one-thousand dollars valuation, to $15.16 per thousand. Commercial property rates will increase from $30.52 per thousand to $31.08.
2013 was a "revaluation" year in New Bedford, and Berthiaume says residential property values dropped by about 4.5% this year, while commercial values held fairly steady.
The Council vote probably won't make Mayor Jon Mitchell too happy. He had asked the Council to keep the residential rate as close to last year's number as possible.