LIVERMORE FALLS – Real estate values were raised Monday to bring the town into compliance with state valuation laws and help offset the depreciation of personal property valuation, town officials said.

The town is not raising any more money than necessary with the new tax rate and higher valuations, Town Manager Martin Puckett said Tuesday.

In fact, the net assessment for commitment is $95,000 less than it was last year, he said.

The town is faced with real estate selling for significantly more than the town assessed it at and loss of tax revenue from personal property valuation.

Selectmen opted to decrease the tax rate by nearly $3 to $20.30 per $1,000 of valuation and to raise valuations on houses by 30 percent, and outbuildings and land by 25 percent.

That kept the homestead exemption intact for homeowners with a primary residence in town for more than a year, which is about $13,000, and other exemptions as well. It allows the town to continue to collect 100 percent of personal property valuation on equipment and machinery for now. That tax is being phased out in coming years.

Factoring in the valuation increase, the town’s real estate value has climbed $17.6 million to $111 million this year from $93.4 million last year.

That also helps offset the loss of $1.16 million personal property value due to depreciation. Personal property is valued at nearly $53.7 million this year compared to $54.85 million last year, Puckett said.

Combining real estate and personal property valuations gives the town a total taxable value of nearly $164.78 million, up $16.4 million from 2006.

With the values, officials calculated the town’s expenses of $4.35 million to cover $152,899 for Androscoggin County tax, $2.36 million for municipal operations, $283,670 for tax-increment financing plan amount with Wausau Paper, and $1.55 million for education services to determine a tax rate.

Offsetting tax needs is $550,200 in anticipated state municipal revenue sharing, $85,574 for homestead reimbursement and $428,000 from other revenues.

The net assessment of what needs to be raised by local property taxes is $3.34 million, compared to $3.44 million last year.

Selectmen had a range of tax rates to consider Monday night, from a minimum of $19.98 per $1,000 of property value to a maximum of $20.98, according to the municipal tax rate calculation form.

The board also chose to raise $52,710.86 for overlay where money to cover abatements, if granted, would come from. Last year’s overlay amount of $24,776 was nearly not enough, Puckett said.

Towns are allowed to take up to 5 percent of the amount to be raised by taxation to put aside as overlay.