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Somerset County considers two-payment municipal tax option enabled by LD286
Summary
Commissioners discussed whether to allow municipalities to pay county tax assessments in two installments under LD286; Finance Director Patrick Dolan warned that if all towns used two payments the county could lose about $125,000 in interest income. The board asked for more municipal feedback before deciding.
Somerset County Commissioners discussed whether to offer municipalities the option to pay county tax assessments in two installments following passage of LD286 during their June 18 meeting.
Administrator Tim Curtis said he polled several Somerset municipalities and that most indicated they would keep the current single-payment schedule, though three communities said they would be likely to take a two-payment option if offered. Finance Director Patrick Dolan told the board that accepting two-installment payments "could be as much as $125,000" in lost interest income if all towns chose the option. Commissioner Joel Stetkis raised a concern that larger towns benefiting from holding half a payment for six months could shift a financial burden onto smaller communities by lowering revenue available to offset taxes in the Finance Office.
The Commissioners reached a consensus to continue the discussion and gather further feedback from municipalities at a future meeting before making any policy change.
