The 2010 Five Year Financial Plan
May 31, 2010
The 2010 Five Year Financial Plan has been finalized and indicates an overall effective tax increase of 3.2 percent; for the Municipal portion of the tax bill. This increase takes into consideration the effect of about a 3.4 percent growth in our assessment base.
There are three major influences that affect how much your tax bill will be for 2010 relative to the increase in the budget. The first influence, of course, is the financial plan, or how much revenue the municipality needs to fund the planned service and capital programs for the year. Second, the proportion of tax collected from each property classification varies the
Third, is how your property assessment value changed relative to the overall average change in the assessment base.
What increase can property owners expect on the tax bill this year?
A Residential property assessed at the average of $374,000 (which increased from 2009 by about 3 percent) will see a total tax bill of $2,222, which is an increase of:
Municipal Tax $65 or 4.8 percent
All Other Tax ($16) or (2.0 percent)
Net increase $49 or 2.3 percent
A business property assessed at the average assessment of $481,000 (which decreased by about 10 percent) will see a total tax bill of $8,655 which is a decrease of:
Municipal Tax ($357) or (6.8 percent)
All Other Tax ($659) or (15.0 percent)
Net increase ($1,016) or (10.5 percent)
The wide variance between a 2.3 percent increase for residential and a 10.5 percent decrease for business is based on the change to the average assessment only. The proportion of tax to be collected from each classification remains almost exactly the same as last year with no shift in tax burden.
Property Tax Notices will be mailed during the last week in May.
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