Saturday, August 23, 2014

Town tax rates set

The 2014 budget is all but complete, with town residents looking at a less than one percent tax rate increase.
Council voted to set tax ratios and tax capping parameters during a brief budget meeting yesterday afternoon.

Treasurer Laurie Witherspoon explained the municipal tax rate for residential will increase 1.034 percent.
But when the reduction in the education rate is factored in, the overall tax rate increase is .4391.
Of the 3,073 residential properties to see a tax increase, the majority (2,100) will go up an average of $43.
A total of 696 will go up from $100-$200, 182 will go up $200-$300, 93 will go up $300-$500, two will increase by $500-$700, and one will go up $722.
Overall, the town will be collecting $263,471 more in residential taxes than last year—a 3.7 percent change.
“As always, it depends if someone’s assessment has stayed the same,” noted Witherspoon.
“They’re not going to see that much of a difference.
“[But] if someone’s assessment went up 10 percent, of course they’re going to see a higher hike,” she added.
Multi-residential will increase by 0.787 percent, with taxes going up an average of $318, while commercial (occupied) will go down .1273 percent.
This means that 105 commercial properties’ taxes will go down $415.
Due to assessment changes, the balance of 259 commercial properties will go up an average of $389.
But just like with residential, this amount is an average of increases ranging from less than $100 for 60 commercial properties to more than $3,000 for one.
The 2014 budget is balanced at $22,505,675.
The budget will be fully explained to the public at the May 12 council meeting, after which time it is expected to be passed.

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