LINCOLN — Lincoln’s municipal tax rate will be slightly lower for fiscal year 2021, but the overall rate for Lincoln property owners is going up because of a jump in educational property tax rates.
The town selectboard on Aug. 18 set this year’s municipal tax rate at $0.6427 per $100 of assessed property value, a decrease of three-quarters of a penny, or about 1%.
However, Lincoln’s residential educational property tax rate increased by 7.72 cents, or 5%, to $1.5702.
The nonresidential rate increased by 7.02 cents, or 4.8%, to $1.5380.
The total property tax rate for Lincoln residents next year will be $2.2129, a 7-cent, or 3.3%, increase over this year, and the total nonresidential tax rate will be $2.1807, a 6.3-cent, or a 3%, increase over this year.
Lincoln’s common level of appraisal (CLA), as reported by the Vermont Department of Taxes, decreased by 2.75 points to 105.85.
Residents paying on the full value of their property will see a tax increase of $69.80 per $100,000 of assessed value, while nonresidents will see an increase of $62.80.
Lincoln residents who pay based on their incomes are very likely to receive prebates for a portion of their school tax bills, and some will also receive municipal tax credits.
In 2019, nearly three-quarters of Lincoln residents received education tax credits, according to the Vermont Department of Taxes.
Last year, 316 of the town’s 436 house sites received credits totaling $518,736, or an average of $1,642.
In addition there were 100 Lincoln recipients of municipal tax credits, which averaged $473.
The first property tax payment in Lincoln is due in Oct. 14.