Springfield City Council sets new, lower tax rate but residents still likely to see bigger bill

It was just 3 cents, but it made a world of difference for businesses looking to invest in the city. The City Council lowered residential and business tax rates for Monday night, but warned all property owners that their fiscal year 2020 tax bills are still likely to increase because the valuation of the average property has jumped up by nearly $10,000. The Council voted 11-0 to set the new residential rate at $19.53 per $1,000 value, a decrease of 16 cents over this year. The new rate for business, commercial and industrial property is $39.23 per of $1,000 of assessed value, a decrease of 7 cents.

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