2019.08.26 Council Agenda Item 7
Summary
Order to authorize the Town Manager to use additional Municipal Revenue Sharing funds to reduce the FY2019/2020 property tax rate; and report from the Town Manager and Finance Director on the proposed tax rate for FY2019/2020.
A public comment period will be included with this item (3 minutes per person).
ACTION: Council action is anticipated.
Description
The recently approved State of Maine budget included additional Municipal Revenue Sharing funds and Falmouth's share of these funds increased from the anticipated amount of $563,538 to $790,211. This produces an additional $226,673 that can be used to reduce the property tax rate.
The State statutes give authority to the Assessor to establish the tax rate and commit taxes to be collected by the Tax Collector. Although the authority rests with the Assessor, he relies on guidance offered by the Town Manager, Finance Director, and Town Council.
A copy of the proposed tax calculation is attached. The proposed rate is 16.81, which is 18 cents lower than the projected rate proposed in the FY2019/20 Budget presentation. Valuation values presented in the attachment were adjusted for BETE and Homestead in the same way as the Budget calculation. Valuation for non-TIF areas grew 1.7%, TIF areas grew 3.6% for an overall valuation growth rate of 1.8%.
A history of the mil rate in Falmouth from 2009 to the present is also attached.
The order is attached.
