Newport Estimates New Tax Rate
Newport — Town Manager Paul Brown told the Selectboard last night that the projected tax rate for 2012 will be $29.69 per $1,000 of assessed value.
Though the new rate, which is expected to be set by the Department of Revenue Administration in the coming weeks, is up considerably from the current rate, Brown noted that many properties lost value in the most recent revaluation so a year-to-year comparison does not give an accurate tax burden picture.
The town’s grand list — the total value of all property in town — dropped $83 million or about 17 percent to $417 million, following the recent 10-year town-wide revaluation.
“Most places dropped (in value),” Brown said. “If your property (value) went down by 15 percent or more, then your tax burden will decrease.”
The current rate is $25.37. The projected new rate breaks down into a town rate of $11.26, up $2.03; a local school rate of $12.71, up $1.27; state education rate of $2.59, an increase of 49 cents; and a county rate of $3.13, up 53 cents.
Brown said had the revaluation been done last year, residents would have seen a total tax rate of $30.45 instead of the current rate.
The local amount to be raised by taxes for the town, school and county budgets in the coming year is down from $12.66 million to $12.35 million, Brown said.
Under the new rate, a home assessed at $150,000 will pay $4,435 in total property taxes.