DURHAM — Selectmen in their capacity as town assessors met in special session Tuesday night and voted to set the new tax rate at $13.05 per $1,000 of valuation — down $8.31 from last year.

Although the new tax rate sounds like a huge reduction, it is actually the result of a recently completed town-wide revaluation, which brought property values up to the actual market value. The town’s valuation increased by $140 million to $329.95 million.

Typically, when a revaluation is done, the tax rate goes down. One-third of the tax bills go up, one-third go down and the remaining third stays the same.

Letters were sent to all property owners last month advising them of their new valuation, along with an estimate of their tax bills.

After deducting $1.48 million in anticipated state and local revenue, the net amount to be collected in local tax dollars is $4.2 million.

That amount includes a county tax bill of $323,351, a municipal government budget of $2.12 million and an education budget of $3.24 million.

Tax bills will be mailed out on July 23 and are payable as of the date of commitment. Taxes not paid within 30 days will be assessed interest in the amount of 7 percent per annum.

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