TOPSHAM
Topsham Town Manager Rich Roedner announced during a board of selectmen meeting last week that the 2016-17 tax rate has been set at $17.99 — an approximate 0.2 percent increase.
The tax rate of $17.99 per $1,000 of assessed value is a slight increase over the former $17.96 tax rate.
Because of the strong real estate market, the town’s valuation dropped from about 92 percent down to 85 percent of fair market value, which is a significant drop, Roedner said. The assessor made adjustments to values throughout town to bring the town’s new fiscal year valuation up to about 95 percent of fair market value. These are not across-the board adjustments, Roedner said.
Part of the reason the town lost so much value was due to an expansion of a state tax exemption program. In April Roedner said the town has an additional $5 million in value from new construction. However, it would lose $11 million in valuation (a net of $6 million) due to the Homestead Exemption increase from $10,000 to $15,000 a household.
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