MONKTON — The Monkton selectboard on July 22 approved a 15 percent increase in the 2019 municipal tax rate, which was set at $0.4119 per $100 of assessed property value.
Over a two-year period, however, the increase amounts to only 4.8 percent. Last year the municipal rate went down nearly 9 percent because of changes to the town’s grand list.
Monkton’s residential education tax rate for fiscal year 2020 increased by 7.4 percent to $1.6547, in part because this year the Mount Abraham Unified School District is not receiving the one-time tax discount of 8 cents per $100 it received last year as part of Act 46 school consolidation incentives.
Monkton’s nonresidential education tax rate increased by 3.4 percent to $1.5726.
The total property tax rate for Monkton residents is $2.0666, an 8.9 percent increase over last year, and the total nonresidential rate is $2.0386, a 5.6 percent increase over last year.
Monkton’s common level of appraisal (CLA), as reported by the Vermont Department of Taxes, decreased by 2.48 points to 97.99.
Whereas last year their tax bills went down by $48.90 per $100,000 of assessed value, this year Monkton residents paying on the full value of their property will see a tax increase of $168.20 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.