This is to follow-up on the memo on the back of your Tax Bill, (attached below). There has been a number of questions about the 20% increase on Building Values.
In order to maintain our certified ratio of 100% and comply with State Statues. This directly affects exemptions and reimbursements from the State.
Shouldn’t the Mil Rate Come Down?
In theory when the Town increases its overall valuation the Mil Rate should come down. The mil rate did come down from 17.15 to 16.47. This kept the Town’s overlay consistent with last year’s overlay, 20,000 and this is as low as the Mil Rate could go.
Why weren’t land values effected?
After market analysis it was determined that the Town’s land values were consistent with “Fair Market Value” and the sales related to buildings were far below the Town’s assessed values.
What Can I do?
Make sure the you are receiving all the exemptions you are entitled to. Homestead, Veterans and Blind exemption.
If you have any questions, I can be reached at email@example.com, 666-5531 or stop by the office.