Waterville residents will soon be receiving property tax bills that reflect a 1/2% increase in the tax rate, City Manager Bryan Kaenrath announced. The new tax rate of $20 per $1,000 of assessed valuation is lower than initially projected. A homeowner with a property valued at $100,000 can expect to pay $10 more in taxes this year.
The City Council approved a $62 million budget for 2025, representing a less than 1% increase over the current spending plan. The approved budget includes $28.4 million for the municipal budget, $32.3 million for schools, and $1.35 million for Kennebec County. Cost increases in fuel, vehicle parts, maintenance, and personnel were taken into account in the budget.
Initially, discussions within the Council proposed an increase in the tax rate by 30 or 40 cents per $1,000, but amendments were made to reduce these numbers. The final tax rate for this year was calculated to be $20 per $1,000 of assessed property value.
Kaenrath assured residents that tax bills would be sent out around September 1, and the increase in the tax rate is due to rising expenses such as labor contracts. The Council took an initial vote on the budget on June 4 and a final vote on June 18, ultimately settling on a budget with a minimal tax rate increase. With the approved budget in place, residents can expect to see minor changes in their property tax bills this year.
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