In a recent government meeting, officials discussed the approval of the town's primary property tax for fiscal year 2025, highlighting a celebratory approach to the topic. Scott McCarty, the deputy finance director, introduced the discussion with a light-hearted analogy comparing the town's property tax to frozen Otter Pops, emphasizing the importance of engaging the community in financial matters.

The property tax, initiated in 2007, is dedicated to public safety and currently funds approximately 23% of the $80 million budget for police and fire services. McCarty noted that the tax rate is capped at $1.95, and the town does not impose a secondary property tax for infrastructure, which sets it apart from many other communities.

Significantly, the town has experienced an 11% increase in assessed property values, driven by both existing properties and new construction, which is projected to add nearly $40 million in assessed value. This growth has allowed the town to implement a property tax freeze, first approved in November 2022, which aims to stabilize tax bills for residents over five years. McCarty explained that the freeze is designed to prevent tax increases despite rising property values, ensuring that existing taxpayers will pay the same amount for the next five years.

The freeze has already resulted in a projected $20 million reduction in tax revenue over five years, providing certainty for taxpayers while allowing the town to manage its budget more effectively. Approximately 33,000 residents will benefit from this freeze, maintaining their tax payments at $13.3 million for the upcoming year.

Looking ahead, McCarty emphasized the need for strategic planning as the freeze approaches its midpoint. He encouraged discussions on future tax strategies during the upcoming planning session in January, particularly regarding the potential impact of state lands on the town's financial landscape.

Overall, the meeting underscored the town's commitment to maintaining public safety funding while providing financial relief to its residents through innovative tax management strategies.