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    Friday, June 21, 2024

    Proposed Groton City budget would increase tax rate by .24 of a mill

    Groton ― City Mayor Keith Hedrick outlined the expected tax impact of the proposed 2024-25 budget of $19.8 million at a public hearing Monday evening.

    Hedrick explained that for a motor vehicle assessed at $20,000, there would be a $4.80 increase in city taxes compared to the current budget.

    Under the proposed budget, a home assessed at $100,000 would see a $24 increase in city taxes, while a home assessed at $300,000 would see a $72 increase. A home assessed at $450,000 would see a $108 increase.

    The budget proposal shows an increase of $745,951, or 3.9%, over the current budget and would raise the tax rate by 0.24 mills to 3.91 mills.

    Hedrick added that the proposed tax rate will be reviewed once the grand list is finalized and the Board of Assessment Appeals renders decisions on appeals.

    Hedrick said the proposed budget continues services and considers changes in the economic climate.

    Similar to the current year’s budget, the proposal includes funding for capital projects and continues efforts to set aside funds for the future purchase of vehicles, Hedrick said.

    He said the proposal uses $1.9 million from the undesignated fund balance, leaving a healthy reserve that is slightly less than the current year’s balance.

    No one from the public spoke during the hearing.

    The City Council is reviewing the proposed budget. After the council approves the budget, it will then go before city voters for approval at the annual budget meeting on June 3 at 7 p.m. at the city’s Municipal Building.


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