REVERE - Worries about future state spending cuts are prompting city budget makers to put $400,000 generated from the upcoming year's property tax increase into a reserve fund.
Mayor Thomas Ambrosino said the money could help cover city expenses if state aid - a vital source of city revenue - is cut.
The proposed 2009 shift in the property tax burden increases the tax rate most businesses pay from $19.63 for every $1,000 of property value to $22.01 per thousand. The residential rate rises from $10.13 for every $1,000 of property value to $11.23 per thousand.
But declining home values could result in the average single-family residential tax bill of $3,333.02 dropping by more than $15. Owners of two-family homes could see their bills rise by about $26.
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