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ew Bedford's single-family homeowners can expect a rise in property taxes this year, following a decrease last year. According to city financial officials, the average single-family-home valuation stands at $393,323, with an average tax bill of $4,448.48. This represents a $164.78 increase from the previous year.

    The city employs a split rate system for residential and commercial/industrial properties, allowing it to shift more of the tax burden onto commercial/industrial entities. The City Council adopted a 1.73 shift this year, short of the maximum allowed 1.75 shift. If they had opted for the full shift, property taxes would have increased by $145.12.

    Comparing this year's figures to those from the past five years reveals some interesting trends. The average single-family home valuation and tax bill in 2024 are $356,975 and $4,283.70, respectively. In contrast, the averages for 2023 were $310,300 and $4,434.19.

    So why do property taxes rise? According to New Bedford Assessor Peter Berthiaume, one common misconception is that increased taxes correlate with rising real estate values. However, this is not the case. Taxes increase when municipal spending rises from one year to another. The tax rate changes, but the actual amount paid remains unaffected by fluctuations in property value, as long as spending stays constant.