The Town Council votes tonight on a proposed budget of $121,143,428 for the coming fiscal year – a 2.2 percent increase over the current year’s spending.
The council met over the last few weeks and cut $1.46 million from the After approving the budget, the council sets a tentative tax rate, then sends the budget forward to Representative Town Meeting.
The Town Council's committee of the whole meets at 6 p.m. today in the Town Hall Annex, followed by a special meeting of the council at 7:30 p.m.
If adopted as proposed, the budget would result in a 1.21 mill increase in the tax rate, from 18.89 mills to 20.10 mills, an increase of 6.4 percent. So, for every $100,000 of assessed value, $2,010 in local property taxes would be owed, a $121 increase over 2012.
Can you afford this increase? If not, what can you afford?
Over the years, when the real estate market was flying high, there were many years in many towns when the mil rate decreased, even with budget increases. The amount of taxes paid increased but most didn't seem to notice because everyone seemed to be "fat and happy" for the most part.
Groton is a big town (~ 40,000 people) and provides a lot of 'nice' things to the town and other areas. There are still some things that the RTM could cut to reduce the budget. For example(in CIP), $176K in sidewalks, $135K in parks/rec facility improvements, $25K in open space, and $50K to study Mystic Ed Ctnr....that $386K just off the top of my head. I could give you more.
Real Estate Conveyance Tax increased! The state portion from .25% to .75% for residential properties under $800,000. If the property sells for more that $800,000, the seller will pay .75% for the first $800,000 and 1.25% on the portion over $800,000. It gets worse: Sellers currently pay .25% to the municipality an increase from .11% (I think). There are also targeted communities that are allowed to charge an additional .25%, bringing the total municipal real estate conveyance tax to .50%. These targeted communities include Groton.
Also by your last statement I take it you do not live in the City either, just own some property?