Government
Council Increases Tax Exemption for Businesses, Waiting on Real Estate Transfer Tax
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Watertown City Hall
Watertown businesses will get some tax relief after the City Council approved increasing the exemption on business personal property taxes by $5,000. Councilors will not be deciding on whether to have a real estate transfer tax until a later date. On March 26, the Council voted to increase the exemption to from $5,000 to $10,000 on items including machinery, equipment and tools, inventory, furniture, and fixtures. The Council followed the recommendation of the Council’s Committee on Budget and Fiscal Oversight. The proposal received mixed reactions from business organizations.