Report from the Town Assessor regarding the revaluation project and the 2008/9 tax rate.
Tax Assessor, Anne Gregory, has completed all of her revaluation related hearings. A meeting of the Town Manager, Finance Director, and Tax Assessor was held on September 15, 2008, to establish the FY09 tax rate. The rate under the old valuations was expected to increase from 14.60 to 14.95. Prior to the revaluation hearings, we projected a new rate at 12.40. This rate still provides an adequate level of â€śoverlayâ€ť if there are appeals that result in lower overall valuation. The maximum rate we could set is 12.62 but this would result in an â€śoverlayâ€ť far in excess of what is needed.
Anne Gregory will also provide the Council with an update on the revaluation project.