New Tax Rates: What Will They Mean?
Your new tax rates have been set.
The Board of Selectmen unanimously voted to set tax rates for 2013, and rates will actually see a decrease.
Homeowners will pay $13.72 per $1,000 of value, and businesses will pay $18.85 per $1,000 of value. Last year, the rates were set at $13.92 for residential and $19.16 for commercial.
The average single-family tax bill will likely increase by $3 per year. And the average commercial tax bill will decrease by $72.
This also maintains the 1.31 rate shift, meaning businesses will pay 1.31 times more than homeowners.
"We do support our businesses, and we support our residents," Selectmen Chair Bill Gordon said. "This adjusts both and creates the least impact on both groups."
The total tax levy -- the amount the town is to bill the community in taxes -- is almost $61.5 million for 2013. That number is allowed to increase by 2.5 percent each year, unless the town votes for a tax levy override.
"In the future, I hope we will try to take a harder look at the 2.5 percent to see if we really need to go all the way up to that," Smedile said.
The levy determines the rates each homeowner pays, as that large number is appropriated to residences and businesses based on value. And what the town needs in tax revenue is determined by the budget approved by voters each year. Residents pay about 83 percent of the tax levy, and businesses pay about 17 percent.
"Hopefully this shows people the importance of Town Meeting and increases attendance," Selectmen Tracy Watson said. "We set the rates in December based on the budget people approve at Town Meeting. People should realize the correlation between the two."