Council Gives Businesses A (Little) Break
The Worcester City Council threw the city's business community a small bone last night when setting the annual tax rate.
For the past four years the council has shifted the maximum amount of the tax burden from residents to businesses. But not this year, according to Michael Lanava of the Worcester Regional Chamber of Commerce business, who advocated for the reduced shift for businesses during the council's deliberations last night.
The commercial and industrial tax rate was set at $34.65 per $1,000. The residential rate was set at $16.06 per $1,000 of assessed value.
The commercial tax rate will increase by 5.7 percent over last year, but that's better than it could have been. Had the council approved the largest increase allowed by law, the rate would have jumped by 7.36 percent.
The tax rate was approved in a 6-to-5 vote.
For residents, had the largest shift been adopted, property taxes would have increased at 4.7 percent. Instead, by limiting the shift to the business community, residential rates will also be increasing at 5.7 percent.
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