Proposed Pittsfield Tax Rate Would Hike Bills 8.75%By Brittany Polito, iBerkshires Staff
11:47AM / Monday, November 27, 2023 | |
PITTSFIELD, Mass. — The administration is proposing a split tax rate that will increase the average homeowner's bill by 8.75 percent.
City Council will hold a tax classification hearing on Tuesday for the fiscal 2024 tax rate; the meeting begins at 6 p.m. at City Hall.
Mayor Linda Tyer and the Board of Assessors have put forward a residential rate of $18.45 per $1,000 of valuation and a commercial, industrial, and personal property rate of $39.61.
This is based on a residential factor of 0.8151 and a commercial shift of 1.75. The city will utilize a levy of about $109.1 million.
The residential rate for FY23 was $18.32 per $1,000 of valuation and the commercial, industrial, and personal property rate was $39.21. If the council adopts the proposed rates, there would be a 13 cent, or 0.7 percent, increase for residential and a 40 cent, or one percent, increase for commercial, industrial, and personal property.
An average home valued at nearly $267,914 will pay an estimated $4,943 in property taxes, representing a $397.82 increase from the previous year when the average home value was $248,100. This would amount to about $33 additional dollars a month.
Commercial properties would see a less dramatic increase of about $145 yearly, as the assessed median value has only increased by $1,550 from FY23.
The assessed residential value for FY24 is $3,868,977,337, an 8 percent increase from the previous year, and the city's total taxable value is $4,822,885,672, a 7.5 percent increase from the previous year.
The FY24 tax levy of $109,166,941 is a 7.93 percent and more than $8 million increase from FY23.
Between receipts and real and personal property taxes, the city expects to raise almost $230 million in FY24.
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