Business Incentive: Holyoke City Council Cuts Commercial Tax Rate
Holyoke has the highest business and industrial property tax rate in the state, charging a property owner $34.55 for every $1000 of assessed property value. This is not an incentive for new business growth, and as Mayor Sullivan indicated, could be keeping business and industry away. The city council has made a step in the opposite direction, however, by lowering the commercial rate to $33.98. The council also opted to raise residential rates again, from $12.95 to $13.75.
The commercial tax cut may be a small step, but it would seem to be in the direction the Mayor has been calling for, none-the-less. There is great need for expanded business in Holyoke. Lowering the commercial tax rate can stimulate investment and create a larger base for tax revenue income, the Mayor has indicated. The council is looking to the future, even if it is a squint.
2007 Tax Chart: Holyoke and Comparables
City res. com.
HOLYOKE 12.95 34.55GRANBY 12.20 12.20
HADLEY 9.12 9.12
LONGMEADOW 15.53 15.53
NORTH ADAMS 11.13 26.62
SOUTH HADLEY 11.85 11.85
GREENFIELD 17.10 17.10
WORCESTER 12.10 25.32
PITTSFIELD 14.25 27.31
CHICOPEE 12.76 28.89
BOSTON 10.99 26.87
Massachusetts Department of Revenue, Division of Local Services, Municipal Databank/Local Aid Section