WOOLWICH
The Woolwich Board of Selectmen voted Monday to increase the municipal tax rate to $14.40, or 1.4 percent.
The 20 cent tax increase follows two years at $14.20, after a drop of 10 cents before that. For a property valued at $100,000, for example, the property tax would be $1,440.
Despite additional revenue from the Homestead Exemption, excise taxes and an increase of $6 million in valuation, the board of selectmen deemed it appropriate to raise the tax rate ahead of the $7.2 million bond that will be voted on by RSU 1 communities in November.
That bond will go toward paying for a new Morse High School and Bath Regional Career and Technical Center building. According to RSU 1 documents, that bond will cost Arrowsic $30.96 per $100,000 in assessed value annually over the next 20 years. Annual payments are expected to decline over time.
“Other elements that factored into this decision was an increase in the municipal budget of $65,000 over last year’s and a $2000 increase in the county budget,” selectmen stated in a press release.
nstrout@timesrecord.com
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