Mill rate down, average homeowner’s taxes up under new budget

The average town homeowner will see their taxes increase, despite a reduction in the mill rate under the budget adopted at the Annual Town Meeting on May 8.

Residents voted 69-46 by paper ballot to adopt a $59,304,109 budget for the 2019-20 fiscal year.

The budget includes $35,547,870 for the Board of Education, an increase of 2.13% or $740,638; $3,277,175 for debt service, an increase of 2.21% or $70,900; $3,883,406 for capital expenditures, an increase of 13.26% or $454,502; $500,000 for contingency, an increase of 38.89% or $140,000; nothing for transfer to OPEB, which last year was $148,220; nothing for transfer to insurance fund, which last year was $500,000; nothing for transfer to CNRE fund, which last year was $250,000; and $16,095,658 for general government operations, an increase of 2.875% or $449,310.

Overall, the budget is an increase of $957,130 or 1.64%.

The tax rate reduction is due to the recent revaluation. The carries a mill rate of 28.72, a decrease of 0.6 mills.

Under this year’s state mandated revaluation, the value of the average residential property rose 3.2 percent, according to the town budget handout, and the Net Collectible Grand list increased 4.99 percent.

A mill represents $1 in tax for every $1,000 in assessed property value.

The average homeowner with a property assessed at $210,000 will pay $6,157 in taxes, an increase of $67.

  • Recent Suffield News
  • Featured Stories
Close Menu
0
×
×

Cart