Bangor residents’ property tax payments will doubtless improve subsequent yr
Though Bangor’s property tax charge for 2024 is anticipated to drop, residents will doubtless see an almost 10 % improve of their tax payments due to climbing property values.
Metropolis councilors have mentioned and revised town’s spending plan since April, they usually settled on a $123.2 million funds of their most up-to-date proposal, which incorporates metropolis and college bills. The general funds is 5.1 % increased than final yr’s, and councilors are anticipated to vote on it Monday night time.
The town’s tax charge will fall from its present $20.40 to $19.15 for each $1,000 of property worth. A Bangor residence valued at $200,000 would pay $3,830 in property taxes.
Whereas the proposed tax charge can be Bangor’s lowest since 2010, town doesn’t need to mislead its residents once they obtain a tax invoice that’s 9.9 % increased, Finance Director David Little stated. That improve is pushed by the swelling sale costs of houses which are outpacing business properties, that means owners soak up an even bigger portion of the invoice, he stated.
“The taxable assessed worth, between final yr and this yr, elevated by $324 million,” he stated. “That’s the driving issue that permits a decrease mill charge, which helped mitigate the general improve within the tax invoice, however couldn’t remove the entire improve.”
On common, housing values in Bangor rose from 16 to 17 %, and figures come from town’s assessing division, which tracks gross sales and market developments, Little stated. The funds proposes {that a} citywide revaluation be accomplished.
Contemplating Bangor’s present tax charge, which is $20.40, a house valued at $200,000 obtained a $4,080 tax invoice. Subsequent yr, a $200,000 residence could also be valued at $234,000, so the brand new $19.15 tax charge would lead to a $4,481 tax invoice.
Bangor’s proposed total funds consists of $66.49 million in metropolis bills, a 3.9 % improve from final yr, and $56.74 million in class bills, a 6.5 % improve. The Bangor College Committee authorized its funds in early April.
On town’s aspect, will increase are primarily as a consequence of inflation, which has resulted in rising payments for electrical energy and utilities, Little stated. Payroll and insurance coverage will increase additionally factored into the funds.
In mid-June, the projected tax charge was $19.10 for each $1,000 of property worth, however it rose barely after councilors agreed to make two adjustments. That features switching a part-time public works place to full-time, which is estimated to value round $35,000, Little stated.
That worker will work with asset administration software program that Bangor bought final yr, which is able to map out a plan for plowing and scheduling sewer repairs, amongst different duties. It’s meant to assist town run extra effectively in addition to get monetary savings in the long run, he stated.
The opposite value added to the funds was $110,000 for a brand new park ranger program, the place employees would patrol the waterfront and parks all through town seven days per week, Little stated. The thought is to develop town’s presence, maintain areas clear and secure, and have interaction the general public, doubtlessly on the Bangor Metropolis Forest, he stated.
Little highlighted that pending laws, LD 1664, would improve reimbursement for normal help from the state from 70 to 90 %. If the invoice passes and is signed by Gov. Janet Mills, it might imply an inflow of income for town — an estimated $360,000 — which might decrease the common improve within the tax invoice for the residential taxpayer to about 9.2 %.
Little identified that constructing a funds throughout unprecedented instances is difficult, and metropolis officers and councilors checked out each quantity they might.
“We would like folks to know that we don’t simply do all of this [budgeting] in a single afternoon,” he stated, and inspired public suggestions at Monday’s assembly. “There are limits to what we are able to lower with out impacting the providers that we offer to the residents.”
