Council approved budget ups mil rate 56 cents (June 6, 2008)
By Nate Jones
Staff Writer
Monday, the South Portland City Council approved a combined $83.2 million municipal and school budget, with roughly $42 million for schools for the upcoming fiscal year. The budget reflects an increase of roughly $1.7 million, or 2.14 percent from last year. The total need from property taxes is roughly $52.5 million, which is $2.1 million, or a 4.13 percent increase from last year.
The increase could result in a 56 cent increase per $1,000 of assessed property value, bringing the South Portland “mil rate” to nearly $14.25.
Median single family homes in South Portland assessed at $212,000 can expect to see an approximate $111 dollar increase in their taxes as long as they apply for a homestead exemption tax relief program which shelters up to $13,000 of their property value.
Registered South Portland voters who pay motor vehicle excise tax in the city and claim their property as a permanent residence for at least a year, may be eligible for the homestead exemption program.
Applications for those eligible for the homestead exemption and other tax relief programs for veterans and the handicapped are available at the Maine Revenue Services Web site: http://maine.gov/revenue/propertytax/sidebar/exemptions.htm.
Staff Writer
Monday, the South Portland City Council approved a combined $83.2 million municipal and school budget, with roughly $42 million for schools for the upcoming fiscal year. The budget reflects an increase of roughly $1.7 million, or 2.14 percent from last year. The total need from property taxes is roughly $52.5 million, which is $2.1 million, or a 4.13 percent increase from last year.
The increase could result in a 56 cent increase per $1,000 of assessed property value, bringing the South Portland “mil rate” to nearly $14.25.
Median single family homes in South Portland assessed at $212,000 can expect to see an approximate $111 dollar increase in their taxes as long as they apply for a homestead exemption tax relief program which shelters up to $13,000 of their property value.
Registered South Portland voters who pay motor vehicle excise tax in the city and claim their property as a permanent residence for at least a year, may be eligible for the homestead exemption program.
Applications for those eligible for the homestead exemption and other tax relief programs for veterans and the handicapped are available at the Maine Revenue Services Web site: http://maine.gov/revenue/propertytax/sidebar/exemptions.htm.
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