SPRINGFIELD, Mass. (WWLP) – Springfield Mayor Dominic Sarno announced Friday $6.5 million more dollars to offset the FY23 tax levy. The money, from the settlement agreement with Eversource, would bring the total amount of relief to $10 million if approved by the Springfield City Council. The hope is that the relief will allow Mayor Sarno to eventually put forth a lower property tax rate recommendation for both residential and commercial properties.

“My administration is committed to providing as much relief that is possible for our taxpayers, while also being mindful of maintaining our fiscally sound management practices.  In short, we don’t want to mortgage our future with short-term and short-sighted measures that will result in our taxpayers later experiencing a balloon property tax payment in the future, whole also hindering our municipal efforts to providing services, programs and relief in the future,” said Mayor Sarno in a press release.

The recommended tax rate for FY23 will be submitted once the Massachusetts Department of Revenue, or DOR, approves Springfield property values.  

“By committing a total of $10 million to offset the FY23 tax levy amount, this will help to mitigate and lessen the potential increase in property taxes due to the significant increase in the Market Values of properties being bought and sold in the city of Springfield from the current ‘Seller’s Market’ being experienced in the Real Estate industry,” said Mayor Sarno. 

Homeowners in Springfield may be eligible for property tax relief based on personal circumstances. The eligibility age for relief has been modified to 65 years old and the abatement amount to $1,000 from $500. Applicants have a choice between a Homeowner Personal Exemption and a Property Overvalue application. To learn more about the options in Springfield, call the Assessor’s phone number at (413) 886-5256 or visit City Hall at 36 Court Square Room 9, Springfield, Massachusetts.