Would net $144K more over current year’s revenue
By Greg Ellison
(March 17, 2022) Berlin officials appear ready to maintain the current real property tax rate for FY23, with a first hearing held during the mayor and Town Council meeting on Monday.
Financial Director Natalie Saleh said the proposed tax rate is 81.5 cents per $100 of assessed value of real property within town limits.
“The ordinance is introducing the current rate to be at the same as FY22,” she said.
Saleh said the same rate applies for both residential and commercial properties.
“This rate is above current yield,” she said.
The constant yield rate is the amount required to maintain revenues at the same figure as the prior year.
Saleh said the current yield, which is calculated each year by the state Department of Assessments and Taxation, is 78.6 cents, which is roughly 4 percent above the current real estate tax rate.
Despite proposing an unchanged tax rate over the current year, Saleh said the town would realize additional revenue because of rising property values.
“With the same current rate of .815 per $100, the town will generate $144,000 additional revenue,” she said.
For a home assessed at $200,000, the real property tax rate of .815 per $100 would run $1,630 annually.
The tax rate ordinance will have a second reading and public hearing during the mayor and council meeting on March 28.