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City Council OKs Higher Tax RateStaff reports - December 24, 2007
NORTH ADAMS - The state has rejected the city's recent assessment of commercial properties, meaning homeowners are going to get hit with higher taxes.
Two weeks ago, the City Council passed a tax rate based on a reviewed assessment of commercial and residential properties that took into account recent renovations and real estate prices. Mayor John Barrett III said at the time that the state would go through the assessments "with a fine-tooth comb to make sure they're justified."
The Department of Revenue apparently hit a snarl, disallowing higher evaluations for the nearly full downtown plaza and Time Warner property and nearly a $1 million in improvements to the Xtra MartConvenience Store and gas station on Ashland Street.
The mayor called an emergency meeting Saturday to ask the council to approve a higher residential tax rate to cover a $450,000 shortfall, according to a report in the North Adams Transcript, after the state disallowed more than $4 million in commercial assessments.
Homeowners were already looking at an average increase of $160 to $165, now it will be closer to $190, said the mayor.
The new tax rate is $11.32 per $1,000 for residential properties (19 cents higher than this year); commercial, industrial and personal property taxes will be $26.72 per $1,000 (10 cents higher than last year). The city had originally set a rate of $11.22 and $26.39 two weeks ago.
That means the owner of home valued at $100,000 can expect to pay $1,132 in property taxes.
The tax hike could have been higher if a home rule petition on the city's levy capacity on the commercial side hadn't passed the Legislature only hours before the last City Council meeting two weeks ago. Gov. Deval Patrick's municipal relief package had called for residential property owners to bear more of the tax burden as property values stabilized after a period of stagnant growth on the commercial side.
The home rule petition allows the city two years over which to shift about 7 percent of the burden onto homeowners. |
| if you think this is bad wait until 2010. but the city has 500k to buy a church that it's going to "mothball". | | from: ctrem | on: 12-25-2007 |
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| Great, such news couldn't have come at a better time! Ho Ho Ho! | | from: Merry Christmas | on: 12-25-2007 |
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| Glad I don't live and own any property in your area. I feel terrible that after all these years of low unemployment and sky high assessments, they have wasted all this extra cash and still going to hurt their own. They should be giving tax breaks and refunds, not more tax increases. | | from: WOW! Crazy and Insane! | on: 12-24-2007 |
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