FARMINGTON — Selectmen set the tax rate Tuesday night at $17.31 per $1,000 of valuation, subject to final review by town Assessor Mark Caldwell, Town Manager Richard Davis said Wednesday.
The 2014 rate represents an increase of $1.56 over last year’s rate.
One reason the rate increased is because the town lost more than $100,000 in state revenue sharing, he said.
The rate also allows the town to set aside $108,000 for the Downtown Municipal Tax-Increment Financing District.
“The town wisely drew the lines pretty large for this district that includes West Farmington,” Davis said.
Some of the TIF money could be used to make town improvements that could include sidewalks. A hope for the future is to restore a bridge over the Sandy River to allow snowmobilers, pedestrians and bicyclists to get from West Farmington to the downtown area. The Whistle-Stop Trail runs from Livermore Falls to West Farmington.
“It’s pretty exciting. I feel we have the potential to have the best downtown in the state given this revenue source,” Davis said.
Tax bills are expected to be mailed out next week. Taxes are due Nov. 3.
dperry@sunjournal.com
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