Farmington property owners received welcome news at the end of a long revaluation process: Property tax rates were coming down, and homeowners were
poised to get some much-anticipated relief.
Unfortunately, that relief was short-lived. The appraisal company that conducted the revaluation provided city leaders with incorrect figures, forcing an increase in the tax rates.
Town Manager Erica LaCroix said two values from KRT Appraisal were wrong: The Business Equipment Tax Exemption was slightly understated, while the Homestead Exemption was overstated — by a factor of 10.
To help offset the higher rate, town departments have been asked to freeze noncritical spending. A special town meeting is scheduled for Nov. 13 to discuss how Farmington can raise an additional $2.3 million in local taxes.
LaCroix said officials plan to meet with KRT to review the errors and their impact.
“The hard reality is that the numbers are wrong,” she said, “and the town has to raise more taxes than anticipated.”
Still, it is not all bad news. Many property owners will see some tax relief — just not as much as they had hoped.
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