Government
Town Council Approves Slight Increase in Residential Exemption for Property Taxes
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One issue heard often during the 2017 Town Election was residents wanting more relief on their residential property taxes. The Town Council took a step toward cutting bills by increasing the residential property tax exemption by one percentage point on Tuesday night. The residential exemption will be 23 percent in Fiscal 2018, which means owner occupied properties can get a break on taxes, but properties where the owner does not live or is not the primary residence will bear more of the burden. The annual property tax of the average valued owner-occupied home (assessed at $587,413) will be $6,092.59, which is up $160.43, or 2.7 percent. This year, for the first time, the Community Preservation Act (CPA) assessment will be added on for the first time.


