DURHAM – Taxpayers will see a drop in their bills, down from $19.50 per $1,000 valuation last year to $17.80 this year.
That means taxes on a $100,000 property would drop from $1,950 to $1,780, before exemptions, for a savings of $170.
The new rate is based on a total assessment of $7.53 million, which is up by $142,293 over last year. The assessment includes $294,678 for county tax, $1.7 million for the municipal budget and $5.4 million for schools, plus an overlay amount.
The increased assessment was offset by additional taxable valuation. Last year’s valuation was $173 million and this year it is $179 million. Subtracting state revenue sharing, homestead reimbursements and other state and federal revenues totaling more than $4 million, the net amount to be raised by taxation is $3.18 million as opposed to $3.37 million last year.
Tax bills are due 30 days from the date of the bill, after which an 11-percent interest rate will be charged.
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