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Home News and Features Montpelier Combined Tax Rate Goes Down
Montpelier Combined Tax Rate Goes Down
Montpelier’s combined municipal/education tax rate is down a fraction of a cent over last year. On Monday, the City Council set the fiscal year municipal tax rate of $1.2596 and the water/sewer benefit charge of $0.02. The council also set the sewer separation charge at $0.07. The motion was made by Jack McCullough, and it was unanimously approved. For background information, the council provided the following information that the tax rate is on target with budgeted projections. The water/sewer benefit and the combined sewer overflow charges are the same and are in line with the 2021 rates. The $1.2596 municipal tax rate is up $0.0789 cents from the previous year, or 6.7%. However, the education homestead tax rate of $1.6776 is down 5.6% or $0.0968. The total homestead tax rate (municipal and education combined) will be $3.027, which is down $0.018 from the previous year. Meanwhile the total non-homestead tax rate is down $0.015 at $3.165.Therefore, taxes for a home valued at $200,000 would be $6,090.14 for fiscal year 2022 and $6,050.35 for fiscal year 2023 according to a report from the city. This is a cost reduction of $35.79 for the year, or $8.95 quarterly for residential property owners of a home assessed at $200,000.00. Further information on understanding the tax rate can be found here.