“Don’t Panic” are the words printed in big, friendly letters on the cover of The Hitchhiker’s Guide to the Galaxy, one of my favorite books by Douglas Adams. Those same words probably should have been printed on the revaluation notice of assessment change that we all received in the mail this week.
eQuality Valuation Services will present the sum of our assessed real property values which will be added to the State’s valuation of Weston’s motor vehicles to create the updated Grand List that will be delivered to the First Selectwoman on January 31, 2024.
My home’s assessment value went up 46% even though the answer to the Ultimate Question of Life, the Universe, and Everything is 42, according to Mr. Adams! But that doesn’t mean that my taxes are going up!
Our property taxes are the multiplied product of (a) your home’s assessed value and (b) the mill rate established each spring by the Board of Finance. That product needs to be sufficient to cover the annual town and school budget that will be presented by the Boards of Selectmen and Education early next year and subject to the approval of the Board of Finance for the fiscal year that will start July 1, 2024.
Once the next budget is reviewed and approved, the Board of Finance will set the mill rate to cover the budget as described above. Generally speaking, if the Grand List value goes up, the mill rate will go down.
The growth of the budget as well as your assessment change relative to other homeowners in town will be the main drivers of your tax bill next year. We don’t know enough right now to tell you how this will impact your taxes. But as we go through budget season, everyone will have the opportunity to see the process and be heard from. Don’t panic!
Chairman, Weston Board of Finance
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