Monkton tax rates rise as new building payments kick in
MONKTON — Most Monkton taxpayers will see an increase on their annual property tax bills this month.
On Aug. 23, the selectboard set the fiscal year 2021 municipal tax rate at $0.4383 per $100 of assessed property value, an increase of $0.0446, or 11.3% over last year.
This is slightly lower than originally projected because Monkton’s grand list has increased somewhat, said selectboard Chair Stephen Pilcher.
The new rate also includes the first annual payment on the new Monkton Town Office and Library, Pilcher noted.
School taxes are also going up.
Monkton’s residential education tax rate for fiscal year 2021-22 increased by $0.0188, or 1%, to $1.7482.
The town’s nonresidential education tax rate increased by $0.0378, or 2.2%, to $1.7317.
The total property tax rate — including municipal and school taxes — for Monkton residents is $2.1865, an increase of $0.0634, or 3%.
The total nonresidential rate is $2.17, an increase of $0.0824, or 3.9%.
Monkton’s common level of appraisal (CLA), as reported by the Vermont Department of Taxes, decreased by 3.02 points to 93.09.
Residents paying on the full value of their property will see a tax increase of $63.40 per $100,000 of assessed value, and nonresidents will see an increase of $82.40.
Monkton 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 fiscal year 2020-21, Monkton residents received more than $868,000 in combined property tax credits.
Monkton’s tax year runs from Jan. 1 to Dec. 31. Residents receive one tax bill per year, mailed in early September. Property tax payments are due in full on, or before, Nov. 15.
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