DURHAM – Taxpayers will see a $1 hike in their tax bills this year.

The new rate will be $18.60 per $1,000 valuation.

In 2002 the rate went up by 95 cents.

The Board of Selectmen/Assessors on Tuesday formally set the new rate and signed the commitment authorizing the collection of $3,076,462.02. The tax ratio was certified at 88 percent.

The total assessment is $6,795,122.31. Broken down, this includes, county tax, $264,796; municipal operations, $1,459,162; schools, $5,013,962.79; and overlay, $57,201.52.

Offsetting revenues are: $230,000 state revenue sharing; $86,774.95, homestead reimbursement; other miscellaneous revenues, $3,401,885.34, for a total of $3,718,660.29, which will leave a total of $3,076,462.02 to be collected in local tax dollars.

Bills are expected to be sent out within two weeks and are due and payable within 30 days of the date of mailing.

The hike would have been even higher except for the additional $7.3 million in new taxable residential property this year.