Subject: |
Order to approve the supplemental appropriation of $40,500.00 to finance the abated property taxes resulting from the valuation reductions granted by the Assessor in excess of the FY 11/12 overlay of $3,650.40.
ACTION: Council Action is anticipated. |
Summary: |
For the 2011 (11/12FY) assessment year, the increase in taxable valuation was $21,290,500; just $290,500, more than the $21M estimate, leaving less than $4,000 for overlay.
A memo from Town Assessor, Anne Gregory, a chart and a spreadsheet detailing the history of the overlay and abatements are attached. |
