Northwood tax rate down 6.1 percentBy JOHN QUINN
Union Leader Correspondent
November 21. 2012 9:41AM
NORTHWOOD - Residents may be pleased to see the town and school gave back money to offset property taxes this year, but could be surprised as rates return to normal in 2013, according to town administrator Brent Lemire.
On Nov. 14, the N.H. Department of Revenue Administration set the overall tax rate at $23.20 per $1,000 of local valuation. It is $1.41 - or 6.1 percent - less than last year's rate of $24.61.
Lemire said the school district had a surplus of over $250,000, while the town ended the last fiscal year with a $1.5 million fund balance. He said selectmen decided to follow the DRA's recommendation to maintain 9 percent for emergencies, but returned some to offset taxes.
"The board decided to throw $384,000 against the tax rate," Lemire said, adding this was an artificial reduction in the tax rate which will set the stage for next year.
Lemire said the budget committee voted Monday to increase the municipal budget, which defaulted last year, by $19,900.
The total tax rate is broken down as follows: $3.84 for the town, $15.92 for local schools, $2.41 for state schools and $1.03 for the county.
Last year, it was $4.28 for the town, $16.77 for local schools, $2.53 for state schools and $1.03 for the county.The overall valuation of the town increased by $2,465,954 - or 0.5 percent - from $469,733,513 to $472,199,467.
"There's a lot of renovations and redoing businesses - not a tremendous amount - but we're not losing any more," Lemire said. "We're heading in the right direction."