August 30, 2013

Farmington cuts property taxes by 5 percent

STAFF REPORT

FARMINGTON — Selectmen lowered the town property tax rate Tuesday by 5 percent, to $15.75 per $1,000 of valuation, contrary to a March estimate that predicted the tax rate would increase this year.

The current tax rate is $16.60 per $1,000 of property valuation.

Town Clerk Linda Grant said the town was able to lower the rate because a revaluation is complete and and town's total valuation of property increased by $54 million.

A town report in March originally estimated the property tax rate would increase to be $17.30 per $1,000 of assessed value.

Voters approved a $4.9 million budget, up 5.8 percent from the year before, at the March annual Town Meeting.

The tax rate comprises municipal, county and school district taxes. Taxes are due Nov. 1.

 

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