It is the time of year, just as it has been for more than 30 years, when the Worcester City Council sets the property tax rates for the current fiscal year.
The city chose in 1984 to adopt a dual tax rate for property taxes. This allows the city to tax residential property at a rate different than commercial and industrial property.
The residential rate is $20.07 per $1,000 of assessed value; the current commercial rate, $35.17.
Residential property makes up 71 percent of the overall tax base but yields just 61 percent of the tax levy. Commercial and industrial property, which is 29 percent of the overall tax base, pays 39 percent of the city’s overall property taxes.
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