SUFFIELD — The town’s mill rate would go down under the proposed $59,304,109 Suffield budget for the 2019-20 fiscal year presented at the April 24 public hearing, but the average homeowners’ property tax bill would increase $67.
The tax rate reduction is due to the recent revaluation. The proposed budget would bring 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.
“During the current tax year (FY 2018-19), the taxes on a home with a market value of $300,000 and assessed value of $210,000 are $6,157. The taxes on a home with a market value of $309,600 ($300,000 home increased by 3.2% revaluation average) and an assessed value of $216,720 would have taxes of $6,224 due in FY 2019-20, an increase of $67,” according to the budget handout.
The proposed Suffield budget includes $35,547,870 for the Board of Education, an increase of 2.13 percent or $740,638; $3,277,175 for debt service, an increase of 2.21 of $70,900; $3,883,406 for capital expenditures, an increase of 13.26 percent or $454,502; $500,00 for contingency, an increase of 38.89 percent 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 2.87 percent or $449,310.
Overall, the budget is an increase of $957,130 or 1.64 percent.
The Board of Finance was scheduled to meet on April 29th, after the North Central News went to press, and the budget figures may have been adjusted at that meeting. The Annual Town Meeting will be at 7 p.m. May 8th in the Suffield Middle School auditorium.