Tax Rates Certified at $112 Average Hike for Homeowners
The state Department of Revenue has certified both residential and commercial/industrial tax rates in town, resulting in modestly higher increases than first anticipated by town officials.
If you noticed your tax bill for the third quarter was a little higher than you were expecting, that's probably due to the fact that the average increase for 2011 was about $15 more than first anticipated.
The average tax hike was expected to be $97 for homeowners of an average single-family house, but the increase is now $112 for an average tax bill of $4,688.66. While town assessors initially reported average home value assessments at $348,200 (for a single-family), that number changed to $349,900 under the official certification by the state last month.
Commercial and industrial property taxes fluctuated minimally as well.
Tax bills in the third and fourth quarters are naturally more expensive anyway, but the $15 extra is on top of that. The tax levy is set at the beginning of the fiscal year with the budget, but the corresponding rates change mid-year, requiring an adjustment over two billing periods.
Town Manager Wayne Marquis said local revenues, such as motor vehicle excise taxes, had dropped below predictions at the time of the tax rate hearing in November and the tax levy therefore had to be increased. The classification factor of 1.26 is still in place, however.
The new tax rates were certified by the state Department of Revenue at $13.40 per $1,000 for residential and $18.67 per $1,000 for commercial and industrial properties.