Milton tax rate up by 2.8 percentBy JOHN QUINN
Union Leader Correspondent
November 05. 2012 10:43PM
MILTON - Even though about $20 million of the town's property values vanished due to the economy, most residents will see little to no increase on their tax bills this year.
On Oct. 26, the state Department of Revenue Administration set the overall tax rate at $24.70 per $1,000 of local valuation. It is 68 cents - or 2.8 percent - greater than last year's rate of $24.02. Meanwhile, the overall valuation of the town decreased by $23,200,402 - or 6.4 percent - from $387,944,220 to $364,743,818.
"So essentially, $20 million of property value evaporated; a sign of the economic times," Town Administrator Tony Mincu explained on the town's webpage, miltonnh-us.com.
"In practical terms this translates to a 90 percent majority of taxpayers as a slight decrease, no increase or a minimal increase in the $30-70 range over last year's tax totals," Mincu wrote.
The tax rate is broken down as $6.33 for town, $13.03 for local school, $2.57 for state schools, and $2.77 for county. Last year, tax rates were broken down as $6.07 for the town, $12.40 for local schools, $2.72 for state schools and $2.83 for the county.