Taxpayers to see only slight increase on property tax bills
LYNDEBOROUGH — The town’s property tax rate has been set at $24 per $1,000 assessed value, a 2 percent increase over last year’s rate of $23.50.
The owners of a home assessed at $200,000 will pay $4,800 in taxes.
“It would have been up more, but we used enough of our fund balance to make a difference of $1 on the tax rate,” said Burton Reynolds, Lyndeborough’s acting town administrator, on Tuesday.
Applying $168,000 from fund balance when the rates were set led the town portion of the rate to drop from $7.48 last year to $7.06. Reynolds said town expenses had been kept fairly flat when budgets were approved.
He said the Department of Revenue recommends that towns keep a fund balance that’s between 5 to 17 percent of total expenditures, and Lyndeborough’s fund balance percentage will still be in the low teens.
The local school portion of the rate went from $12.38 last year to $13.40 this year.
Reynolds said the difference in expenditures on the school side was minor, but the town lost a sizable amount of state aid.
“We received $468,000 last year and just $337,000 this year,” he said.