The average single-family homeowner can expect to pay approximately $426 more in property taxes annually as city councilors Tuesday voted 6-4 to maintain the current split of residential property taxes and those of commercial properties which pay 65% more.
Though the Council opted to retain the current split rate, taxes will increase for both homeowners and businesses on average, as residential values outpaced commercial and industrial property values. Average commercial taxes will increase $1,279 and average industrial taxes will increase $1,733.
Greater Haverhill Chamber of Commerce interim President Kate Martin said that four housing developments under construction have replaced commercial properties, noting that 89% of the city’s tax base comprises residential properties. This year, the city’s share of commercial properties decreased compared to last year…