SPRINGFIELD, Mass. (WWLP) – A recommendation to reduce the property tax rate in the city of Springfield next fiscal year has been made in an effort to provide some financial relief for city residents.
Springfield Mayor Domenic Sarno, along with the Board of assessors, announced Monday that they’ve recommended significantly cutting property tax rates.
The reccomended rates for FY2023 are $17.05 for residential property and $36.40 for commercial, industrial and personal property, or CIP. This would mark an around 9.4% decrease in the residential tax rate from the 2022 fiscal year and a 6.76% decrease in CIP rates.
Although property values have increased, leading to higher taxes, Mayor Sarno told 22News that if approved, these new rates would greatly reduce average property tax bills.
It’s a delicate balance. we want to keep quality of life services going, we want to be respectful to our residents, but I also want to keep the economy and jobs going here in the city of Springfield.Springfield Mayor Domenic Sarno
Sarno emphasized that there are property tax relief applications available for those in need, including the Homeowner Personal Exemption and Property Overvalue applications. If approved by the City Council, this will be the city’s lowest residential and CIP tax rate in over a decade.
The City Council is expected to discuss the recommendations sometime next week.