City Council sets new residential/commercial tax rates for FY’24

Advocate staff report

The City Council this week set new tax rates for 2024. On the recommendation of the Assessor’s Office, they approved a residential tax factor of. 880912, which creates a split tax rate for commercial and residential properties. The tax factor approved by the council shifts 175 percent of the increase in taxes next year to commercial property owners and gives home owners the greatest amount of tax relief allowed under the law.

The residential tax rate will drop from $9.51 per $1,000 of property value to $9.11. Commercial rates will decrease from $18.98 to $18.10.

According to information from the Assessor’s Office, the 2024 average value of a single-family home in Revere is $566,242. The average tax bill for that home will be $5,158.