By Polly Lynn
posted
Jul 25, 2012
KILLINGTON- The Killington Selectboard has set the municipal tax
rate for 2012 and sent out the tax bills. The new municipal tax
rate is 28.5 cents. Down from 29 cents last year despite
Killington's increased cost from flood recovery, golf debt and the
rising costs of doing business.
The education tax rate (which is set by the state and accounts
for the bulk of taxes) for residents has also decreased to $1.51,
making the total residential tax rate $1.794 per thousand assessed
valuation. The education tax rate for non-residents has increased
very slightly by .00037, from 1.4583 to 1.4620.
On the municipal side, "Despite facing major financial
challenges from Tropical Storm Irene recovery expenses, golf course
debt and rising costs, the selectboard crafted a budget that
effectively addresses each without raising the municipal tax rate,"
wrote Town Manager Seth Webb in the Town Report.
The net result is that both residents and non-residents will see
a reduction in their tax rate this year. For example someone who
owns a $300,000 home, the 2012 tax rate decrease will save
residents $127.20 and non-residents $3.90. The rate reduction is
the result of a decrease on both the state and municipal rates.
The municipal rate reduction was made possible through the
budget planning. As Webb wrote, "the plan holds the line by
implementing hundreds of thousands of dollars from town
departments, applying appropriate capital fund balances to flood
recovery efforts, aggressively pursuing FEMA reimbursement, and
tapping unspent, undesignated 1 percent revenues."
The budget also requires town employees to pay a slightly larger
share of their health care coverage and calls for seeking
additional non-property tax revenue.
"Due to the unexpected costs of recovery from Tropical Storm
Irene, the town began the year with a cash deficit. However, the
board is projecting to have the deficit eliminated by the end of
the year," Webb reports.
Tagged:
Killington Selectboard, new municipal tax rate
