Stonington — More than one-third of the town’s 8,848 homeowners are likely to see an increase in property taxes of $200 or less in 2013-14 because of the recently completed revaluation.
The analysis, done by Director of Finance Maryanna Stevens, assumes that the proposed tax rate remains at 20.52 mills. The Board of Finance, however, is expected to cut the proposed budget and tax rate before submitting a budget to a referendum vote.
The analysis shows that 3,255, or 36.8 percent of residential property owners in town, would have a decrease or no increase in taxes. A total of 2,697 homeowners, or 30.5 percent, would have a tax increase of between zero and $200. Another 2,354, or 26.6 percent, of homeowners would see tax hikes of between $200 and $1,000.
The remaining 542 homeowners, or 6.1 percent, would see tax increases of between $1,000 to more than $10,000. Three homeowners are projected to have tax hikes of more than $10,000.
The town’s 2012 grand list, which is the sum of all taxable property in town, totaled $3.18 billion in 2011 but has now declined to $2.59 billion, a decrease of 18.6 percent, or more than $593 million. The decrease was expected because of the decline in real estate values over the past five years, when the last revaluation was conducted.
Property owners can figure out what their tax bill would be by taking their assessments, dividing them by 1,000 and then multiplying by 20.52.
— Joe Wojtas