I Am Wary, Wary Worried

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As Elmer Fudd would say "I’m wary, wary worried"

Recently the folks from MPAC have been to Town Council to explain their updated property tax values based on our ‘market value’ based system.

who can I fwire today?

Did you know that these changes do not mean that your taxes for an average residential home will go up by the 4.7% presented by MPAC?

Let me try to explain in laymen terms. Let’s start with the term you hear ‘mill rate’. It comes, I believe, from the french term ‘mille’ or per thousand. Last year the general levy for the Town was $3.1623 per $1000 (or mille) of your assessed property values.

The Town budget required $10,106,390 to be raised from an overall assessment of $3,195,886 ($000's), hence the $3.1623 mille rate.

MPAC has now indicated an increase in the assessed values of about 10% overall. For ease of calculation let’s assume the $3,195,886 ($000's) has grown to $3,500,000 ($000's). Assuming no increases in spending (very reasonable now that severances have been paid/budgeted) the new will rate SHOULD GO DOWN $10,106,390 divided by $3,500,000 ($000's) is $2.88754 per thousand of assessed value.

Councillor Zanetti ready to play the shell game with our money

Anyone want to bet that the Town will take advantage of the increased assessments and increase taxes and then boast that there is no increase in the mille rates? I am wary, wary worried!