Someone asked what each percentage increase in tax rate means for them. I figured I’d post an entire table (me being a major nerd Math major and all).
Each column represents percentage increase in the local tax rate. Each row represents the assessed value of your home. Inside cells show the monthly change in taxes you pay to the town.
| 1% | 2% | 3% | 4% | 5% | |
| $100,000 | $0.21 | $0.42 | $0.63 | $0.85 | $1.06 |
| $250,000 | $0.53 | $1.06 | $1.59 | $2.12 | $2.64 |
| $300,000 | $0.63 | $1.27 | $1.90 | $2.54 | $3.17 |
| $350,000 | $0.74 | $1.48 | $2.22 | $2.96 | $3.70 |
| $400,000 | $0.85 | $1.69 | $2.54 | $3.38 | $4.23 |
| $450,000 | $0.95 | $1.90 | $2.86 | $3.81 | $4.76 |
| $500,000 | $1.06 | $2.12 | $3.17 | $4.23 | $5.29 |
This means if the tax rate goes up by 4% and your house is worth $400,000 then your taxes will go up by $3.38 / month (select the 4% column and $400,000 row).
Before you read too much into it, it’s not a justification for anything. It’s an honest attempt to show the impact of increase in the tax rate on homeowners.
Thanks Zeeshan! Being a numbers person (yes, geek) I can appreciate seeing the hard numerical representation.
Are you assuming that the mill rate remains unchanged? I assume that you are using the 2010 mill rate to make your calculations? I also assume that you are only looking at the town’s portion of total property tax. A lot of people are aware of the fact that education and property taxes are calcualted seperately but not the fact that the regional and town portions are also calculated seperately. Some additional clarity would help.
Regards.
@Michael,
This is the result of increase in budget size. 2011 mill rate gets calculated from that (size of budget divided by number of households).
Good point about regional and education portions. I will either edit this post or add another one to clarify.
Zeeshan Hamid