MILTON — As was approved by voters on Town Meeting Day, when bills are mailed later this summer, residents will see an increase in their municipal taxes. The increase though is not as much as previously predicted.
The tax rate for fiscal year 2022 is 5.36 cents, or a $134 increase on a $250,000 home. The Milton Selectboard approved this rate during its meeting July 19.
Each year in late summer, when the grand list is finalized by the assessor’s office, the Town tax rate is set by Milton’s finance office.
During the budget process, it was estimated that the total Town tax rate would increase by 5.98 cents, or $149.50 on a $250,000 home. This calculation assumed there would be no growth in the grand list, or the value of all taxable property in town.
Fortunately, Finance Director Jess Morris said, there was a small increase of about $127,000 in the grand list value, so the total Town tax rate increase is 5.36 cents, which is less than the original estimate.
The majority of this increase stems from the paving budget, which voters approved to expand on March 2. The increase of $400,000 to the paving budget adds 3.47 cents to the tax rate.
Without the paving rate, the Town tax rate would only have increased by 1.89 cents.
Tax bills will be mailed by Aug. 15.