Town to see tax rate decrease
NORWICH – Tax rates may lower in 2007 for Town of Norwich residents.
The $1.34 million preliminary budget was proposed Nov. 9 public hearing and residents were given the chance to respond and discuss the spending plan.
The town’s budget as indicated would include $294,460 in the general fund, a decrease of $44,300 from the 2006 budget. Highway spending would decrease by $16,000 to $398,294.
Norwich’s proposed highway tax rate would see a decrease of approximately 11 cents per $1,000 of assessed value. Town revenue has increased nearly $7 million this year. The town experienced almost continuous growth of new business in 2006, enabling it to upgrade the water system just south of the city.
“We are pleased about the new budget. We are cautious, but excited,” Supervisor David C. Law, R-Norwich, said.
In addition to the decrease in taxes, the Norwich rural fire district assessment is scheduled to be lower. A 20 cent decrease per $1,000 of assessed value would make the new rate be $5.32.
The total budget for 2007 is $1,342,025.33, of which $508,110.40 is estimated revenues and $75,150.08 is unexpended balance for an amount of $758,764.85 to be raised by taxes.
After approving the minutes from the budget hearing at Tuesday’s regularly scheduled board meeting, issues were further discussed on the progress the town has made in the past year. The town highway garage is nearly complete and repairs needed after previous flooding of area throughout the town have been addressed.
“We are hopeful the future will hold strong,” Law said.
Three potential new stores are eyeing the town currently, one for possible location in the north plaza. “We need to get some life back up there,” he said before a meeting of the full board this month.
The $1.34 million preliminary budget was proposed Nov. 9 public hearing and residents were given the chance to respond and discuss the spending plan.
The town’s budget as indicated would include $294,460 in the general fund, a decrease of $44,300 from the 2006 budget. Highway spending would decrease by $16,000 to $398,294.
Norwich’s proposed highway tax rate would see a decrease of approximately 11 cents per $1,000 of assessed value. Town revenue has increased nearly $7 million this year. The town experienced almost continuous growth of new business in 2006, enabling it to upgrade the water system just south of the city.
“We are pleased about the new budget. We are cautious, but excited,” Supervisor David C. Law, R-Norwich, said.
In addition to the decrease in taxes, the Norwich rural fire district assessment is scheduled to be lower. A 20 cent decrease per $1,000 of assessed value would make the new rate be $5.32.
The total budget for 2007 is $1,342,025.33, of which $508,110.40 is estimated revenues and $75,150.08 is unexpended balance for an amount of $758,764.85 to be raised by taxes.
After approving the minutes from the budget hearing at Tuesday’s regularly scheduled board meeting, issues were further discussed on the progress the town has made in the past year. The town highway garage is nearly complete and repairs needed after previous flooding of area throughout the town have been addressed.
“We are hopeful the future will hold strong,” Law said.
Three potential new stores are eyeing the town currently, one for possible location in the north plaza. “We need to get some life back up there,” he said before a meeting of the full board this month.
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