LINCOLN — Lincoln homeowners will see a decrease in their property tax rates for the current fiscal year, but owners of non-residential property will see an increase.
The total property tax rate for Lincoln residents is $2.1222 per $100 of assessed property value, which represents a 3 percent decrease from last year. The total nonresidential rate is $2.1035, a 2 percent increase over last year.
Lincoln selectboard on July 24 approved a 3 percent increase in the municipal tax rate, which was set at $0.6386 per $100 of assessed property value.
The town’s residential education rate for fiscal year 2019 decreased by 5.5 percent to $1.4836, in part due to Act 46 school consolidation incentives, which include a tax rate discount of 8 cents this year. On July 1 schools in the Addison Northeast Supervisory Union merged into the Mount Abraham Unified School District and will from now on be governed by one school board.
Lincoln’s nonresidential education rate increased by 2.3 percent to $1.4649.
Lincoln’s common level of appraisal (CLA), as reported by the Vermont Department of Taxes, increased slightly to 107.36.
Residents paying on the full value of their property will see a tax reduction of $66 per $100,000 of assessed value. Residents who pay based on their incomes are likely to receive prebates for a portion of their school tax bills. About two-thirds of county residents receive prebates.
Lincoln tax bills were sent out last week, and the first tax payment is in October.