Town proposes historic tax rate cut for 2024 budget

During a recent town council meeting, officials discussed the proposed tax rate for the upcoming fiscal year, recommending a reduction to 55.99 cents per $100 valuation. This marks a 3-cent decrease from the current rate and represents the lowest tax rate in over a decade. The council emphasized that while the final adopted rate could be lower, it cannot exceed the proposed rate without following specific posting requirements.

The council's decision to lower the tax rate is attributed to previous actions taken to retire debt, which has positively impacted the town's financial standing. A motion to accept the resolution for the proposed tax rate was made and unanimously passed by the council members present.

Additionally, the town manager presented the proposed budget for fiscal year 2024-2025, which has been made available for public review on the town's website. A series of budget workshops and public hearings are scheduled, with the first workshop set for August 13-14 and a public hearing on the budget planned for August 20. The council will finalize the budget and tax rate during a public hearing on September 3.

No immediate action was required on the budget presentation, but council members were encouraged to review the materials and raise any questions as needed. The meeting underscored the town's commitment to fiscal responsibility and transparency in its budgeting process.