Grand list announced
Released from the Town Manager's office today:
Town Manager Michael A. Milone announced that the net Grand List for October 1, 2007 is $2,530,797,376, which is an increase of $22,812,152 or .91% over the October 1, 2006 Grand List. At the current mill rate of 27.60 and the current collection rate of 98.7%, this will generate an additional $621,430 in revenue. And some details by the numbers:
Tim White
8 comments:
Well, I guess we all now know what the total budget increase should be...$621,000 Compare that to the 10% extra of $507,000 the Supt wanted in his medical benefits account for a just in case. the pool energy bill is about $483,000. Did anyone notice the details; motor vehicles dropped by $600,000, personal property increased by about the same amount. Are people buying less new cars because they cannot afford them?
I don't have time to do the math but my taxes will be going up.
Yes, you are right, not up but really up. The Town will play the reval game, mill rate goes down but taxes go up. They will say commercial is paying more this time on a percentage basis. Only measurement that counts is if your tax bill goes up or down.
The superintendent is not using his SMARTBOARD and some members of the BOE are in LA-LA LAND.
Is the 98.7% the current tax collection rate that's in the budget or is the actual collection rate? I thought the town collected over 99% of the taxes due.
98.7% is the budgeted rate. In "reality," the town has been able to exceed a 100% collection rate in at least one recent year.
I believe that happened because the town sells long overdue taxes to a collection agency... sometimes for more than 100% of the value. That can happen because the "buyer" believes s/he will collect interest on the taxes... perhaps collecting 110% of the taxes (that could be collected over several years... though I don't know the details off the top of my head)... so, for example, they pay the town 103% of the taxes.
Additionally, the town always collects its taxes. So it's possible for the town to collect 99% per year for five years, then collect 105% in the sixth year by collecting everything at once.
98.7% is the budgeted amount but it seems the actual rate is higher, by .5%. That makes a bit if difference like 300k. How far does 300k get you, not far. Remember as they say, it is only equal to a cup of coffee per week. no big deal. Even Starbucks is lowering their prices now.
Speaking of Starbucks no future plans to expand. The "LIfe Style Center" must look for for another upscale coffe shop.
Post a Comment