The value of newly assessed properties has gone down about 10 percent. Taxes have gone up about 10 percent, he said. 

 

Of about 2,600 parcels, 1,370 property owners will see a decrease on their tax bills because of the lower value. Several more will see increases of about $10 and many others will see increases of less than $100, said Tiffany Mauiri, Board of Selectpersons chairwoman. Those who are paying more have new construction, additions or other improvements on their property.

 

Last year’s valuation of $296.17 million has dropped to $266.56 million, Binette said.

 

When assessments were higher than people were selling their homes for, the town entered into an equalization process that provided all new assessments, he said.

 

After discussing possible rates, the board agreed on $20.65 which provides an overlay of $86,185, an amount over what is needed to run the town.  

The overlay is used for tax abatements on the new assessment of properties. Funds not used go back into the undesignated fund balance, Binette said.

 

Voters approved going $50,000 over at town meeting in case of emergencies, Town Manager Rhonda Irish said.

 

Any assessor would ask for an overlay following a revaluation, Binette said. The state allows a maximum of $270,914 so the town is being conservative.

 

The town has to raise $5.41 million in property taxes to pay the bills, he said. This amount reflects deductions of $1.07 million in expected revenue from a total of $6.49 million in expenses, he said.

 

The town’s bills include $311,454 for county taxes; $3.1 million in municipal appropriations; $115,795 for the town’s tax-increment financing plan and $2.88 million for schools.

 

Tax bills are expected to be sent out next week. Taxpayers receive one bill but can pay half by Nov. 1 and the other half by May 1, Binette said. Interest of 7 percent is charged for late payments.