MILTON - Milton's new tax rate of $25.89 reflects a 10 percent reduction from last year, according to a release from the town administrator's office on Monday.
The welcome drop was enabled by a withdrawal of $500,000 from the town's fund balance. Without the fund balance withdrawal, Milton's new rate would have been $27.09.
The new rate means that the owner of a typical $150,000 home in Milton will pay annual property taxes of $3,883.50.
The use of the fund balance is not uncommon as long as there is enough left in it to handle so-called catastrophic emergencies and expenses the town might be faced with.
|Chart above shows tax rates among different segments that comprise property tax bills. (Courtesy graphic)|
The state Department of Revenue Adjustment oversees such fund balance withdrawals and had no problems with Milton's use of it at this time.
This year's rate shows a slight decrease in all tax segments, including town, local school, state school and county.
If anyone has further questions regarding the tax rate, they areasked to call selectmen or the Town Hall at 652-4501.
Town Administrator Heather Thibodeau said she expected tax bills to go out within 30 days.