KINGFIELD – Selectmen voted Monday to reduce the town’s tax rate, but that doesn’t mean that property taxes will decrease, First Selectman John Dill said.
The tax rate will decrease 7 percent, from $17 to $15.80 per $1,000 of valuation, but the town’s valuation will increase about 10 percent, he said.
Valuation is determined on a flat-rate based on the town’s total residential and commercial property values. Selectmen needed to increase the town’s valuation from $57 million last year to $64 million to keep within state-mandated sales-to-valuation ratios.
A slight increase in the town’s appropriations necessitated raising more funds. Residents voted to increase the budget about $35,000 during the annual town meeting in March.
The increase in appropriations included:
• $10,000 for the community planning and development reserve;
• $3,500 for a computer upgrade reserve;
• $3,500 for traffic control signs;
• $10,000 for the ambulance subsidy; and
• $8,000 for new public works equipment.
Most homeowners will see a slight increase in their property taxes of about 3 percent this year.
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