are determined by distributing taxes levied equally per thousand
dollars of a home's estimated value as it is compared to other
properties in the town. The Town's evaluation was
completed in 2013.
Each year, the Department of
Revenue (DOR) calculates an estimated value of the town based on the
prior year's home sales. State, County, School District and
Technical College each levy a tax that is distributed based on the DOR's
current year calculation. The Town then redistributes those levies
based on the values as determined at the last valuation of the town.
Why hasn't the town revalued from 2007
Revaluations are very expensive
and are equivalent to nearly 20% of the Town's tax levy. The town
is required to do a revaluation only when the town's value is either
over or under 10% for three consecutive years. Revaluations are
necessary from time to time to make sure that not only all properties
are assessed equally, but to make certain they are assessed properly by
property class. When property values are going up, no one seems to
mind; but when the values go down, property owners pay more attention to
Will my taxes increase or decrease after a
No. If the total levy remains the same, there will be no
change in the amount of property tax you pay. During a
revaluation, classes of property may be readjusted more or less than
others depending upon recent market conditions. Those properties
who may not be presently paying their fair share of the tax burden will
pay more taxes after a revaluation. Properties presently paying more
than their fair share will pay less. In general, however, most
people will see similar tax bills.
Will the mill (tax) rate remain the
same per $1,000 of assessed value after revaluation?
Not necessarily. If the assessed values established by a
revaluation are greater than they were before and the tax levy is the
same, then the tax rate will be less. For example, if the tax levy
remains unchanged and the total assessed value of the taxation district
is doubled, the tax rate will be cut in half. When values go down,
the mill rate increases. The mill rate is determined by dividing
the total assessment of a district into the levy. It is often
expressed in terms of dollars per thousand.
Who Levies the general property tax?
Each governing body of the town, county, school
district, technical college, and state levies the total amount of tax to
be raised. However, it is the town that prepares the tax bill and
collects the initial tax payment.
How is the levy determined?
Each year each governing body of
the town, county and school district adopts a budget for the following
year. To finance the expenditures in the budget they total all expected
sources of revenue such as state aids and shared taxes, license fees,
tuition, etc. This amount is then subtracted from the estimated
expenditure figure and the remainder must be raised from the property
tax. Each municipality must raise the funds needed to
operate its own functions in addition to its share of the funds needed
for the county and school district operations along with the state
forestation tax. The total amount of the levy must be divided by the
total assessed value of the municipality to establish the mill rates.