FARMINGTON – Selectmen set the 2003 property tax rate at $18.20, a 35-cent increase over last year.

That means with the new rate a property assessed at $100,000 would be taxed about $1,820, without factoring in the state’s Homestead Exemption.

Last year, the same property would have been taxed about $1,785, not figuring in the Homestead Exemption.

Selectmen were able to limit the tax rate increase because voters approved using $250,000 in March from the undesignated fund balance to offset an increase. The higher rate was attributed to higher SAD 9 and Franklin County budgets and a slight decrease in the town’s non-property tax revenues.

Farmington’s total taxable valuation is $284.78 million, which includes about $24 million in personal property and $260.79 million in real estate.

The valuation also includes $9.9 million in additional taxable valuation over last year, which is a 3.49 percent increase.

The commercial sector had the majority of the value changes with the completion of Wal-Mart and Dunkin’ Donuts leading the way, town Assessor Mark Caldwell noted in a memo to selectmen and Town Manager Richard Davis.

dperry@sunjournal.com

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