The Board of Finance along with Board of Selectmen recently made the decision to defer Property Revaluation for one more year because it will raise residential taxes 11 percent even if there were no increase to our education and Town budgets. With 3 percent budget increases, the total increase would jump to 14 percent or $450 on the average home. Revaluation alone increases the average home assessment from $186,000 to $311,000 … a 66 percent increase. By comparison, commercial and industrial assessments only increased 20 percent.
There were a number of factors leading to the decision to defer the revaluation. Residential properties are expected to drop as interest rates rise and the Federal Reserve is expected to gradually increase the prime rate throughout 2006.