Officials aim to keep tax hike under 2 percent
Updated 12:44 pm, Monday, May 12, 2014
While the town's new mill rate won't be set until later this month, town officials say their goal is to keep any increase to less than 2 percent over the current tax rate of 18.07 mills.
At the current tax rate, the owner of a residential property assessed at $600,000 (with a market value of $857,000) would pay $10,842 in property taxes, according to town Finance Director Gary Conrad.
For each 1 percent increase in the mill rate, taxes on that home would increase $108.42, he said.
The new taxes will finance the spending package for 2014-15 approved last week by the Representative Town Meeting: $76,595,682,, a 0.63 percent increase over current spending for the town side of the ledger, and the Board of Education's $109,202,984 operating budget, a 4.82 percent increase over its current budget.
The overall budget -- including accounts for things like debt service -- stands at $198,249,184, a 2.45 percent increase over current spending.
The Board of Finance is scheduled to meet May 21 to set the tax rate to fund the new budget, which takes effect July 1.