Wednesday, December 11, 2013

Tax rate hearing set for Town Council meeting

The Milford Daily News reports on the tax rate hearing scheduled for the Town Council meeting Wednesday evening at 7:00 PM.
Councilors must decide whether to keep a single tax rate, adopt a split rate or shift a portion of the tax levy from residential to commercial, among other things. As of now, residential properties share about 79 percent of the levy, leaving commercial and industrial properties with 20 percent, according to a memo sent to the council from the Board of Assessors. 
The meeting begins at 7 p.m. in the second floor council chambers at the Municipal Building, 355 East Central St. Before the council votes, director of assessing Kevin Doyle is expected to brief councilors on the status of residential and commercial values. 
The single tax rate for fiscal year 2013 was $14.34, up from $13.73 in fiscal year 2012. The increase reflected a slight drop in the average value of residential properties, as well as passage of a Proposition 2½ debt-exclusion tax override to help fund the new Franklin High School, expected to open in the fall of 2014.

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You can find the full package of documents released for the meeting here

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