LYNN — The City Council set the tax rate Tuesday night and homeowners will be paying more.
The new residential tax rate is $15.15 per $1,000, compared to $15.60 per $1,000 last year. While the tax rate is lower, home values have risen, increasing the tax bill.
The average bill for a single family will be $4,533, up 6 percent from last year; a typical condominium will cost owners $2,801, up 5.9 percent, and a two- and three-family average bill will be $5,916, a 5.5 percent hike.
Commercial, industrial and personal property owners will see a 2 percent drop in their tax bill at $29.45 per $1,000.
The state Department of Revenue approval is the next step once the city’s budget is balanced. Preliminary tax bills will be mailed by year’s end.
The Council bid goodbye to City Councilors Daniel Cahill and William Trahant, who chose not to seek reelection.
“Two of my best buddies are leaving us,” said City Council President Darren Cyr. “We’ve had our differences at times, but we worked things out. We will miss them.”
