UPDATE: New Milford's Property Values Decrease, Taxes Increase
Revised budget shows municipal tax increase at $63.
The assessed value of a house in New Milford has dropped from an average of $410,068 in 2012 to an average of $321,331 in 2013 -- a drop of $88,729, auditor Steve Wielkotz said during the introduction of the 2013 Municipal Budget, Monday.
This drop in value reflects the results of the 2012 reassessment of property values. To address the declining housing market that was taking property values with it, along with a growing number of tax appeals, the Mayor and Council decided early last year to authorize a borough-wide reassessment.
A reassessment is called for when there is a sizeable disparity between the assessed value of a property and the true market value based on recent sales. It is designed to create stability and reduce the number of appeals. Each property is appraised according to its true market value and assessments are based on this value.
Considering the special projects totaling $4,002,500 included in the capital expenses, preliminary budget numbers show a potential tax increase to the municipal portion of the budget at $63 per year for a house assessed at $321,339, and not between $51 and $52 as the auditor originally reported, according to officials. Over $500,000 from surplus is being used to offset costs and keep the tax increase as low as possible. (The special projects include the Hirschfeld Brook flood mitigation, renovations to Fire Co. 1 and Fire Co. 2, and drawings for the new police headquarters.)
The next meeting of the Mayor and Council will be on March 25. The public hearing on the budget will be at the April 15 Mayor and Council meeting.