That’s according to Councilor Tim Allen who told us it was a unanimous vote Monday evening in favor of lowering the property taxes. Councilors met during a special meeting at 5:00 p.m. to take up the proposal.
“We went with the Mayor’s recommendation. The rate that we approved tonight, the bills will have to be recalculated and sent out. The new tax bill will be based on these new rates and also based on new property values,” explains Allen.
The residential tax rate is now $19.71 per $1,000 valuation, and a rate of $38.91 for commercial and industrial properties.
“No matter what you look at, your average homeowner is going to save a minimum of $130 dollars. I mean again it’s a bad thing the rate, the values are going down but with this current economy people are getting laid off, just a couple of hundred bucks really can help people out,” adds City Councilor John Lysak.
Property valuations in Springfield both residential and commercial have declined and it’s the biggest drop since 2009.
The bad news scenario is that property values are down, but the good news is that tax bills will now be lower.