As tax new tax bills are arriving in the mail, some Killington residents may be surprised by changes voted in on Town Meeting Day last March. The town is transitioning its budget from a calendar year to a July 1 - June 30 fiscal year. As a result, during the transition, the municipal tax rate on the new bill covers 18 months of town expenses.
A notice on the town website explains:
The 18-month tax rate, covering municipal services during the period from January 2015 to June 2016, will be .4633. To compare this to a 12 month tax rate, this 18-month rate represents an increase of .0129 over the 2014 tax rate (or 1.29 cents increase per year). This rate will raise enough tax dollars to fund general fund expenses, as well as the additional spending articles passed at Town meeting.
When the fiscal year 2017 bill comes out this time next year, it will cover town expenses from July 2016 through June 2017.
Also at town meeting, Killington voters opted to spread the new tax bills out over four payments, instead of two. The new payment schedule is:
- Aug. 15, and overdue subject to interest on Aug. 25
- Nov. 15, and overdue subject to interest on Nov. 25
- Feb. 15, 2016 and overdue subject to interest on Feb. 25
- May 15, 2016 and overdue subject to interest and penalty on May 25
Select Board Chair Patty McGrath comments on the website, “We’re on track to execute the plan we presented at Town Meeting. The budget funds vital town infrastructure and core municipal services, and completes the important transition to a fiscal year. This transition will allow residents to vote on a budget that begins after Town Meeting and strengthen the finances of the Town.”
The town notes the municipal budget makes up about 15 percent of Killington's property tax bills, with the state education tax comprising the remaining 85 percent. The fiscal year 2016 education tax rates in Killington are $1.7364 for a homestead and $1.9685 for non-homestead properties such and commercial properties and second homes.