MINUTES OF THE BOARD OF ASSESSORS
November 5, 2007
7:15 PM Memorial Hall, Town Hall
Tax Classification Public Hearing
The Board of Selectmen held a classification public hearing on November 5, 2007. The purpose of the hearing was to discuss the property tax levy for Fiscal 2008. The selectmen must determine the percentage of the tax levy to be borne by each property class. Under classification there are five classes of property. A community has the option of choosing a “residential factor” that results in taxing each class of property at the same rate, or shifting the burden, within certain limits, among classes. This allocation process must take place annually before a community can set a tax rate.
The Principal Assessor informed the Board that property values declined and the debt exclusion increased this year causing the tax rate to increase by $1.06 from $11.56 to $12.62. The average assessed home is now valued at $301,800. New Growth added $46.7 million to the total valuation of the Town.
The Selectmen voted unanimously to maintain a single tax rate for all classes of properties.
Respectfully submitted:
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Beverly Potvin Kenniston
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