Bangor approves new $123.2M metropolis and faculty finances
Bangor residents can have the bottom tax fee since 2010 underneath the town’s new finances, however rising residential property values will result in a ten % enhance in property tax payments in 2024.
Bangor councilors authorised a brand new $123.2 million spending plan that covers each the town and faculty division on Monday, which is 5 % increased than final 12 months’s. The town finances, totalling $66.49 million, elevated almost 4 % and the college finances, totalling $56.74 million, elevated by 6.5 %. The Bangor College Committee authorised its finances in early April.
Whereas the brand new finances carries a tax fee of $19.15 per $1,000 of valuation — a $1.25 lower from final 12 months — Bangor residents’ tax payments will probably enhance as a result of rising residential property values.
On common, housing values in Bangor rose from 16 to 17 %, in accordance with David Little, Bangor’s finance director.
This implies a Bangor residence valued at $200,000 acquired a $4,080 property tax invoice final 12 months when the town’s tax fee was $20.40. In 2024, nonetheless, a $200,000 residence could also be valued at $230,000, and the brand new $19.15 tax fee will result in a $4,404.50 tax invoice.
Whereas Councilor Dan Tremble mentioned the finances is “affordable and accountable,” householders are going to bear the brunt of the tax will increase as a result of industrial property values have remained stagnant whereas residence values throughout Maine have soared.
A number of councilors commented on this finances being significantly tough to compile after passing the spending plan with out objection.
Councilor Gretchen Schaefer mentioned Bangor isn’t distinctive to have its property tax fee lower, but tax payments will rise as a result of property values are rising.
“It speaks to how a lot folks need to be in Bangor,” Schaefer mentioned. “Individuals pays a premium to purchase a property in Bangor to be a part of this metropolis.”
Neighboring Brewer will see an identical pattern after councilors authorised a brand new $16.7 million municipal finances earlier this month that can decrease the property tax fee, however the metropolis’s growing property charges will result in increased taxes.
Lots of the will increase to the town finances are pushed by inflation, which has resulted in rising payments for electrical energy and utilities, Little mentioned. Hikes to personnel prices, together with wage and advantages will increase, are additionally included within the finances.
Some drivers of the town’s capital finances embody highway and pedestrian infrastructure enhancements and funding for the Group Connector, the regional bus system that providers Bangor, Brewer, Orono, Hampden, Outdated City, Veazie and the College of Maine.
The town additionally put aside a further $110,000 to fund a brand new park ranger program, the place employees would patrol downtown parks, the waterfront and harbor, and downtown areas like West Market Sq. and the Kenduskeag Stream Path seven days per week. The thought is to increase the town’s presence, maintain areas clear and protected, and interact the general public, doubtlessly on the Bangor Metropolis Forest, Little mentioned.
