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Tamworth board sets tax rate and authorizes $425,000 from reserves to hold down rate
Summary
After reviewing the Department of Revenue portal and revaluation impacts, the Tamworth select board voted to use $425,000 from the unassigned fund balance to offset the municipal tax rate, a move members said will keep the town rate close to last year's level.
The Tamworth select board set the town’s tax rate framework and approved using $425,000 from the unassigned fund balance to lower the municipal portion of the rate, the board said at its Oct. 24 meeting.
The municipal budget presenter explained the town began 2024 with an unassigned fund balance of $2,535,000, that the board had spent $279,000, and that the resulting unassigned fund balance stood at about $2,256,000 (roughly 17.6 percent of appropriations). "If we brought the unassigned fund balance down to something like 13%, in theory, you could use…
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