Manchester property owners to see lower tax bill
MANCHESTER — The final tax rate for Manchester has been set at $23.44 per thousand, a .26 percent decrease in FY 2016 from the actual FY 2015 tax rate of $23.50 per thousand, according to City Finance Director William Sanders.
The anticipated proposed tax rate set by aldermen in June was $23.81 per thousand.
“I am pleased that city residents will realize a decrease in their property tax bills this year,” said Mayor Ted Gatsas in a statement. “This comes as a direct result of a significant increase in the net assessed property valuation within the city, predominantly in commercial building and utilities. This is further proof that economic development is vibrant in the city and we continue to a foster a climate for business to grow and thrive.”
The new rate is .26 percent lower than the current tax rate, and comes in about 1.5 percent less than the one forecast by aldermen in June.
According to paperwork provided by Sanders in advance of Tuesday night’s meeting of the Board of Mayor and Aldermen, the city’s tax base experienced $138.5 million in growth from FY 2015. The total tax revenue for the city, according to Sanders, comes in at $199,659,592.
Manchester also received $1,141,552 more in state education aid.
Sanders also reports lower school district revenues of $575,002, a projected city revenues shortfall of $195,000 and the County Tax higher by $621,111.
The new tax rate will be reflected in the first tax bill for FY2016.