FARMINGTON – Taxpayers with residential properties will see a change in the Homestead Exemption amount if they are enrolled in the program. The previous Homestead Exemption was $7,000 for qualified residential properties and will remain that way for properties with less then a $125,000 assessed value. Properties with assessed values from $125,000 to $249,900 will have an exemption of $5,000. Properties with a $250,000 or greater assessment will have an exemption of $2,500. State legislators changed the exemptions this past spring in an effort to close the state budget gap.
The town’s tax rate for 2003 is .01820. The due date for tax payments is Nov. 3.
For more information, contact the Farmington Town Office at 778-6538.
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