The City has set the property tax rate for this fiscal year, with residential and commercial rates falling one penny and values changing sporadically from neighborhood to neighborhood.
City Assessor Andy Iovanna reported on Tuesday that the tax rates had been certified at:
•Residential, $15.55 per $1,000 of value
•Commercial, $31.55 per $1,000 of value
Both of those rates reflected a decrease of one cent from last year’s rates.
Of course, the rates are only one ingredient of a complicated formula that determines how much property tax homeowners will pay – which is typically what every wants to know.
Iovanna said the average single-family home will see its tax bill increase by $65 over last year. Meanwhile, multi-family homes will on average see about a $55 increase.
Property values – the other key ingredient in the formula – have varied all over the city, he said.
“Values for the most part, especially in the central areas, are up a little and certain categories, like three-families and multi-families which had values go down for a few years, are back up now,” he said. “Condos are basically even and single-families are pretty much even.”
Iovanna said values in the central part of the city were mostly even. However, the land values in Ward 6 did jump up while the houses stayed the same in value.
That, he said, would cause the average single-family home’s tax bill in that area of the city to increase about $100 over last year.
“A lot of this depends on what area of the city you go to,” he said. “It’s really different in each area.”