BERLIN– Town officials this week introduced an ordinance that would maintain the current tax rate.
The Berlin Town Council on Monday held a first reading of an ordinance to set the tax rate at $0.815 per $100 of assessed value. That’s the same rate approved last year.
“The public hearing will be held March 28,” Mayor Zack Tyndall said.
Finance Director Natalie Saleh told the council the ordinance proposed would set the tax rate at the same level as fiscal year 2022, $0.815 per $100 of assessed value.
“This rate applies for residential and commercial properties at the same level,” she said.
Saleh noted that this rate was above constant yield, the rate at which town revenues would be unchanged. Because the town is seeing an increase in property tax revenues, even with no change to the tax rate its revenues will increase by $144,740.
“This is the first hearing, it’s an introduction,” Saleh said.
Town officials kicked off budget discussions last month with a work session. Following a vote on the tax rate March 28, elected officials will host additional budget work sessions in April. A general fund budget work session will be held April 4 and a work session for the utility funds will be held April 18. The budget is scheduled for introduction May 9 and a public hearing on the budget is slated for May 23.