July 12, 2018
Increased Development Drives Down City Tax Rate
BIDDEFORD — Rising property values and a spate of new development have led to a lower property tax rate this year, but residents are being advised escalating property values might still lead to increased tax bills.
Last year’s tax rate was $20.07 per $1,000 of taxable property value. This year the City committed to a 37-cent reduction, $19.70 per $1,000, following a rise in overall real estate values of over $100 million, a 5 percent increase.
“The growing interest in downtown redevelopment and investment has driven up the value of commercial real estate,” Assessor Nicholas Desjardins said. “That new development increased the value of the City’s residential properties.”
To offset these higher residential property values, the City Council reduced the tax rate. Some homeowners, however, may still see their bill go up.
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