Most homeowners have received letters from the town with new, significantly increased, assessed taxable values.
It is important to understand that a tax rate is set each year based on the money the town needs to collect through property taxes divided by the total taxable property value in town.
So, your tax bill does not automatically go up when your assessed taxable value goes up. It really depends on how the value of your property changes compared to others in town and how the town budget changes from year to year.
When the Budget Commission submitted the 2020-2021 budget to the Town Council, they computed an estimated tax rate of $8.20 per $1,000 property assessment compared to the current $9.23.
For example, if your property was previously assessed at $264,200 and the new assessed value is $331,900 your taxes would be computed as follows
Current Taxes: $264,200/1,000 X $9.23 = $2,438.57
Estimated 2020-2021 Taxes: $331,900/1,000 X $8.20 = $2,721.58
or an increase of about $283.
The actual tax rate for the 2020-2021 fiscal year will be finalized after any changes are made following the Budget Public Hearing and the budget is approved by the voters.