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Lyme — The 2014-15 town budget will proceed to a vote next week following a public hearing Thursday that only Board of Finance members attended.
The annual budget meeting will be held at 7:30 p.m. Thursday at the Hamburg Fire Station.
The $11,011,206 spending plan includes $9,381 in operating expenses, a 7.68 increase, and $1,649,361 in capital expenses, a 61.47 percent decrease.
The finance board will set the tax rate Thursday after the budget is approved. The tax rate is projected to increase from 14 mills to 17 mills, which is primarily driven by the re-evaluation of properties in town, explained First Selectman Ralph Eno. Properties will therefore be taxed at a lower assessed value.
Under the 2013 re-evaluation, the total net value of taxable properties in town decreased by 17 percent. Tax Assessor Debra Yeomans said in an interview this week that the last re-evaluation in 2008 had raised assessments, and they are coming back down.
A full copy of the budget is available at www.townlyme.org.