JAY – The Board of Selectpersons approved a new tax rate at Tuesday’s meeting, resulting in an increase of $1.40 per $1,000 of property valuation as compared to the previous fiscal year.
In addition to the RSU 73 local share and Jay’s percentage of the Franklin County budget, the $22.50 rate per $1,000 of valuation covers the majority of the town’s municipal expenditures, which decreased by approximately 20 percent in the last budget cycle. Some of that reduction was restored when the curbside pickup of trash and recyclables was reinstated at Monday’s special town meeting; 159 residents voted in favor of paying $120,000 to Archie’s Inc. to restore the service, with 117 residents opposed. Municipally-funded curbside pickup will resume on Sept. 6 and 7, maintaining the same Wednesday/Thursday schedule that was utilized prior to July 1.
The $22.50 per $1,000 of property tax valuation rate represents an increase of $1.40 over the previous $21.10 rate. However, some homeowners may still see a reduction in their local property taxes due to an expansion of the Homestead Exemption reimbursement. The exemption, which increased from $10,000 to $15,000 last year, was increased again to $20,000.
A qualifying $100,000 piece of property would see a tax bill of $1,800, an increase of $7 over the previous fiscal year. Qualifying property valued less than $100,000 would see smaller increases or even a reduction, while more expensive property would see larger increases.
The board also approved a $109,000 overlay, to cover the costs of any abatements and other tax collection-related issues.
