The tax classification factor sets the formula by which residential and commercial property owners share the burden for paying for the majority of the city’s budget. The rest of the budget is paid for with state and federal aid, grants and money from other sources.
Gullo said he will provide the council with tax factor options between 1.75 and 1 at Tuesday’s hearing. A factor of 1 means owners of all types of property would pay the same tax rate.
In previous years, business owners and the Greater Haverhill Chamber of Commerce have lobbied unsuccessfully for a factor more favorable to the businesses community.
The city will mail the next tax bills to property owners in January, Gullo said.