The levy increase, which triggered the property tax increases, was approved last summer when Fiorentini and the council passed this year’s approximately $156 million city budget. The rest of the budget is paid for with state and federal aid, grants and other sources.
Values for both residential and commercial properties in Haverhill have dropped for the fifth consecutive year, Gullo said. The value of the average Haverhill home fell from $255,995 to $244,700, he said. In the three years previous, home values fell from $293,847 to $272,262 to $262,853.
The current fiscal year runs from last July 1, 2012, to June 30, 2013. Gullo said this year’s actual tax bills, based on the new factor and rates, will be mailed Jan. 1. Previous bills sent this year have been estimates, he said.