While the city is flush with free cash and increasingly quick to trumpet its enviable financial situation, Worcester residents and businesses are likely to be digging in the couch cushions for a little “free cash” of their own once the City Council determines the dual tax rates at Tuesday’s meeting.
City Manager Edward M. Augustus Jr. used $250,000 from free cash to reduce the city’s tax levy to about $293.5 million, some $11 million more than last year but nearly $14 million below what the city could ask from its taxpayers.
But still, with the spike in property values across the city, especially residential properties, even staying at last year’s rates of $19.22 per $1,000 of assessed value for residential and $32.93 for commercial, industrial and personal property, the average bills would rise $179 and $83, respectively.
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