The tax rate in Lyndeborough has been set at $16.97 per $1,000 of value for the coming year, dropping significantly due to an increase in the town’s overall valuation.
While the tax rate is down significantly, most homeowners will see an increase in their tax bill.
Last year’s tax rate was $25.86 per $1,000 of value. The majority of the tax rate change is attributed to rising property values, which were calculated with a property reassessment done in Lyndeborough this past year. Had the tax rate been set using the old evaluation, the rate would have been $25.92, or a 6 cent increase, according to Town Administrator Geoffrey Allen.
The municipal rate this year is set at $5.43. This compares to last year’s rate of $8.50. Had the municipal rate been set with the town’s previous valuation, it would have been set at $8.48, or a 2 cent decrease.
The Select Board approved the use of $226,303 from the town’s unexpended fund balance to reduce the municipal rate. Allen said that puts the fund balance at about 6% of the overall town budget, which is the lowest allowed by the town’s policy.
The county portion of the tax rate is $1.03, compared to $1.19 last year. The state education portion of the rate is $1.05, compared to $1.56 last year.
The local education rate is $9.46, compared to $14.61 last year.
Tax bills were expected to be mailed on Monday, and are due by Dec. 29. Tax bills in Lyndeborough are semi-annually.