BEAVER COVE – Municipal officials have set the tax rate at $6.10 per $1,000 valuation, one of the lowest tax rates in the state.
The rate reflects a decrease from last year of $1.10.
To reduce the tax rate, municipal officials increased the assessment on all properties, both land and buildings, by 40 percent, Selectman Wally Williams said Thursday.
“What that does is allows us to lower the mill rate, and it allows us to have sufficient enough funding in the future to meet all our budgetary needs based upon increases in state valuation and services,” Williams said.
The town is now assessing at 100 percent of the market value, which is encouraged by the state, according to Williams.
“Beaver Cove is a fast-growing community,” Williams said.
This year, the valuation placed on the town by the state is $53 million. Next year, the state valuation will be $67.8 million, according to Williams.
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