Residents Brace for Major Property Tax Hike Amid Budget Talks

In a recent government meeting, officials discussed the financial implications of a proposed property tax aimed at funding public safety, which totals $22.6 million. The plan, if approved by voters, would see 16.65% of the tax burden falling on residential property owners, while the remaining 83.35% would be shouldered by commercial property owners.

The assessed value of properties in Stafford stands at $5.4 billion, with commercial properties contributing the majority of this value. A council member raised concerns about the accuracy of average home value estimates, asserting that the average is closer to $300,000 rather than the previously stated $250,000. This discrepancy could significantly affect the tax burden on homeowners, particularly those with higher property values.

During the meeting, officials presented potential monthly costs for homeowners based on varying property values. For a home valued at $250,000, the monthly tax impact would be approximately $50, while a $300,000 home would see costs rise to around $60. The financial committee is also considering additional exemptions for seniors to alleviate their tax burden, as many are on fixed incomes.

The discussion highlighted the need for transparency regarding the distribution of tax obligations and the potential financial strain on homeowners, particularly as property values and insurance rates continue to rise. The council is expected to continue refining the proposal and addressing concerns raised by residents in future meetings.