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The town has already collected $4 million of a possible $13 million in extra money hidden from the budget process.
News & Commentary
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News
Tiverton’s New Official Tax Rate: $19.14
According to Tiverton’s tax assessor, David Robert, the town’s new tax rate will be $19.14. That’s down from $19.30 in the current year, despite a town-wide property revaluation that drove rates up. Residents who followed the budget debate may recall that Budget #2, the 0.9% budget, came with an estimated tax rate of $18.99, while the rate presented for Budget #1, the Budget Committee’s 2.9% budget, was estimated to produce a $19.37 rate. According to Robert, the difference was that the increase in the total value of town property turned out to be lower than estimated. In both budgets, the assessor had estimated a real estate value increase of 2.5%. After completion of the revaluation and an initial hearing process by Vision Appraisal, the actual increase turned out to be 1.6%. For any families that managed to reduce the increase in their appraisals, that’s a good thing. For taxpayers as a whole, however, it is not, because it means that there are fewer new taxpayers and our property isn’t increasing in value as quickly as we would like. As previously explained, municipal governments set tax rates backwards; they start with the total they want to collect and then figure out what rate …
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