May 22, 2024
Property

Average New Bedford homeowner to save $132 in property taxes this year


NEW BEDFORD – The average single-family homeowner will see a savings of $132 in this year’s property tax bill following the City Council’s annual tax classification vote Thursday.

To put that into context, Chief Financial Officer Robert Ekstrom said the last such savings came in the 2012 tax year.

The average single-family homeowner saved 82 cents that year when compared to the 2011 tax year.

One of the reasons for the change, according to assessors, is that single-family homes didn’t increase in assessed value at the same rate as commercial/industrial/personal property.

Chief Financial Officer Robert Ekstrom said the last such savings came in the 2012 tax year, though it totalled only 82 cents.

That’s even though the average single-family home’s value increased by about 15%.

The city uses a split rate rather than a single rate for both residential and commercial/industrial.

The split rate allows the city to shift more of the tax burden to commercial/industrial. The maximum shift allowed to commercial/industrial is 1.75, which the city adopted last year.



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