Why did the tax rate go down from $19.85 to $16.69? (11/19/2023)

The 2023 revaluation expanded the tax base which resulted in a reduced tax rate.  In the simplest terms the tax rate is equal to the funding approved for the school/town/county divided by the total assessed value times 1,000.  Changes to the approved funding and/or assessed value results in changes to the tax rate.  An increase in approved funding and/or a decrease in assessed value will raise the tax rate.  A decrease in approved funding and/or an increase in assessed value will lower the tax rate.  There are other factors such as additional revenue sources, exemptions and credits, fund balance to reduce taxes and others which also have an impact on the final tax rate.

In 2023, there was an increase in approved funding and an increase in assessed values.  The net result of these changes was a decrease in the tax rate from $19.85 in 2022 to $16.69 in 2023.

*Note: These values take into account additional revenue sources, exemptions and credits, fund balance to reduce taxes, and other impact factors.

2023: $1,842,472,352