Property tax rates and exemptions for homeowners in Fall River vary based on several factors, including the assessed value of the property and the homeowner's eligibility for certain exemptions. Here is some information about property tax rates and exemptions in Fall River:

Property Tax Rates:

The property tax rate in Fall River is determined by the city's tax assessor's office. As of the current fiscal year, the residential property tax rate in Fall River is $12.34 per $1,000 of assessed value.

For example, if a homeowner's property is assessed at $200,000, their annual property tax would be calculated as follows:

Assessed Value: $200,000

Tax Rate: $12.34 per $1,000 of assessed value

Property Tax = Assessed Value * Tax Rate

Property Tax = $200,000 * ($12.34 / $1,000) = $2,468.00

Exemptions:

Fall River offers several exemptions for eligible homeowners to reduce their property tax burden. Some common exemptions include:

• Homestead Exemption: Homeowners who occupy their property as their primary residence may be eligible for a homestead exemption. This exemption provides a reduction in the assessed value of the property, resulting in lower property taxes. The amount of the homestead exemption varies each year and is determined by the city.
• Elderly Exemption: Elderly homeowners who meet certain age and income requirements may be eligible for an additional exemption. This exemption is designed to provide financial relief for senior citizens.
• Veterans Exemption: Veterans who have served in the military may be eligible for a property tax exemption. The amount of the exemption varies depending on the veteran's service and disability status.

It's important to note that eligibility requirements and exemption amounts may change over time. Homeowners in Fall River should contact the city's tax assessor's office or visit their official website for the most up-to-date information regarding property tax exemptions and rates.

References:

- Fall River Tax Assessor's Office: https://www.fallriverma.org/tax-assessor/

- Massachusetts Department of Revenue: https://www.mass.gov/orgs/department-of-revenue