JAY – Selectpersons on Tuesday set the tax rate at $22 per $1,000 of assessed property value for 2024-25, $1 less than last year.
People age 65 and older who applied for the state’s property tax stabilization program are affected because the state eliminated the program last year. When applications were available, the tax rate in Jay was $20.50. For those who qualified for the program and applied last year, the rate remained the same in 2022.
This year, those who applied for the program will be taxed at $22 per $1,000 of property value, the same as everyone else.
Aldermen used $250,000 from the unallocated fund to offset a higher rate, leaving enough to cover the cost of repairing storm-damaged roads in 2023. However, it is unknown how much the Federal Emergency Management Agency will reimburse the city. The federal government’s share is 75%, the state’s 15% and the city’s 10%.
The Select Board had three options for the tax rate and chose the lowest. The $56,557.65 surcharge will be used to cover the tax reductions.
The city has applied for the state’s Sudden and Severe Impairment Adjustment program in the summer of 2023 because Pixelle Specialty Solutions will close its Androscoggin plant in March 2023. The state has reduced the value of the city’s real estate by $93.6 million.
The city received $2 million in state revenue sharing this year, compared to $1.1 million in 2023.
The total of appropriations and deductions is nearly $10.7 million, including Franklin County, municipal and education levies. Last year, the amount was $11.1 million. The amount taxpayers must contribute is $6.7 million, compared to $7 million in 2023. The city’s share of Franklin County and Regional School Unit 73 levies is lower than last year, at $22,184 and $728,071, respectively.
The city’s property value is 75 percent of market value. Homeowners who qualify for the property tax exemption receive less. Instead of a $25,000 exemption, they receive $18,750. Last year, they received $22,250, according to tax assessor Paul Binette.
A value of 75% of the market value is also applied to companies and others.
The first half of the tax assessments are due on October 2 and the second half on April 1, 2025.
Copy the story link
