Staff
With the 2018 municipal budget close to being completed, many residential property owners here can expect to see a decrease on their tax bills this year.
Town council all but put the stamp on its operating budget during a meeting late Monday afternoon.
The budget shows a shortfall of about $56,000, which amounts to a half-percent increase to the tax levy.
But with an increase to assessment and a decrease to the education tax, the actual tax rates will decrease anywhere from one-three percent depending on the property class.
This does not necessarily mean no one’s taxes will be going up this year.
In simplest terms, those properties that went up in assessment last year will go up again this year as part of a four-year phase-in while those that had a reduction last year will see their taxes stay the same or go down slightly.
A total of 2,003 residential property owners will see their taxes go down an average of $20 while 1,080 residential property owners will see their taxes go up.
More than 900 residential tax bills will go up an average of $31 while, at the far end of the spectrum, three will go up $812.
Meanwhile, a total of 161 commercial property owners will see their taxes go down an average of $352 while 99 will see theirs go up anywhere from $35 to $1,255, again depending on their assessment increase.
The operating budget will be up for approval in principle at this Monday’s regular council meeting.
