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Finance director: property tax revenue projected at $7.4 million as property values rise
Summary
Finance Director Steven Kaplan told the council the town projects $7.4 million in property tax revenues for FY2025–26, driven by a 6.8% increase in taxable value and nearly $13 million in new construction.
Finance Director Steven Kaplan told the council the proposed budget relies on rising property values to increase revenue, projecting about $7.4 million in property tax receipts — roughly $420,000 more than the current year.
“The 7,400,000 is our just speaking property taxes,” Kaplan said during his presentation, explaining the figure stems from an estimated 6.8% increase in taxable value and nearly $13,000,000 in new construction included in the roll-forward. Kaplan added that the rollback rate concept means a higher millage will increase homeowners’ tax bills unless expenditures are reduced.
Councilmembers questioned why some municipalities lower millage rates; Kaplan responded that lowering a rate without cutting services would require expenditure reductions and that town leaders must balance service levels against revenue.
