Springfield MA – November 27, 2015 – (RealEstateRama) — Mayor Domenic J. Sarno announced today his administration’s recommendation for Fiscal Year 2016 property tax rates. The proposed tax rates are $19.66 per thousand dollars of value for residential property and $38.60 per thousand for commercial, industrial, and personal property. “I am pleased that we are able to reduce both tax rates and continue to promote stable neighborhoods with improving home values as well as a strong economic policy of retaining and expanding jobs.” If approved by the City Council at the meeting of Monday, November 23, the new rates would be reflected in the bills due to be mailed in late December with payments due February 1 and May 2. The two preliminary tax payments were due in August and November.
The new average single-family assessed value is $134,800, an increase of $3,300 from last years of $131,500. At the $19.66 rate, the average single-family tax bill would increase by $63.56 or 2.46%. At $2,650, the bill would be essentially flat with the average single-family tax bill of four years ago. Springfield’s average single-family tax bill last year was in the lowest ten per cent (10%) of all the communities (#319 out of 353 total) in Massachusetts. It was the lowest in all of Hampden County.
Mayor Sarno reminded residents of the senior citizen circuit breaker income tax credit available when they file their personal income tax returns. In calendar 2013, the last year for which data is reported, some 1174 Springfield households claimed the credit, for an average credit of $718.
Sarno added, “It is important that we recognize the critical role of city businesses, small and large, in providing jobs and maintaining Springfield’s competitive position in the region. The rate of $38.60 would be the lowest since Fiscal 2009.
Jeff Ciuffreda of the Springfield Regional Chamber of Commerce is a member of the City Council Finance Committee’s sub-committee on tax rates. He stated, “The Council in the past few years has understood how important striking this balance has been to the economy of the city. I appreciate the working relationship with the Mayor and the City Council that has developed over the past few years and I believe the adoption of the proposed rates is good for residents and business alike.”