Municipal Property Tax - Part 1

There are 2 ‘drivers’ to property tax; the assessment pie and the tax or mill rate.  We know that from 2022-2024, residential property tax assessments increased 25% while commercial rose by 2%.

If your property value increases faster than the average residential assessment, you will have a larger share of the assessment ‘pie’ and your taxes will likely go up more than average. What matters is how much did your property’s assessment change relative to the average in the community.

 It is not the increase in assessment alone that drives higher taxes – it is how the change in your house value compares to everyone else.

The 2^nd ‘driver’ is the tax or mill rate. A summary of the Town’s residential mill rates from 2021 illustrates they have been fairly ‘flat’, in fact a slight decrease in 2025:

2021    .0059414        

2022    .0060602

2023    .0059511

2024    .0059511

2025    .0058279

The Municipal portion of property tax is calculated by multiplying the property tax assessment x the mill rate.