Thursday, December 11, 2008

single tax rate stays

Posted Dec 10, 2008 @ 10:47 PM


Town Council unanimously voted a slight increase in the tax rate for fiscal 2009, also keeping a single tax rate for residential and business properties last night.

As recommended by the Board of Assessors, the council approved raising the tax rate from $10.23 per $1,000 of property to $11.17 per $1,000.

Doing so will bump up the average residential bill by about 2.1 percent, or $88 for the average house, which is less than past annual increases, said Town Administrator Jeffrey D. Nutting.

Read the full article in the Milford Daily News here.

The tax rate is somewhat misleading. It will fluctuate as the residential valuations go down (next year is likely to see a greater decrease) the rate will increase.

Bottom line, the overall tax revenues the town can receive are capped at less than 2.5% unless there is an override. The override in June failed so the increase is 2.1%.

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