At the City Council meeting on August 4, City Manager Steven Buck reviewed the fiscal year 2020/2021 city budget projection and the Assessor’s report of valuation with the Council.
He reported that new construction and increases in property valuation have resulted in a significant increase in the total current assessment of property in Sanford and Springvale. New value has added more than $20 million to the City’s total assessment, while market value has increased nearly $60 million over last year.
The mill rate, which is currently $20.70 per $1,000 of valuation, had been expected to increase to $20.83 for the 2020/2021 fiscal year. With the increase in assessed value, the mill rate instead will drop to $20.16 per $1,000 of valuation.
Mayor Tom Cote expressed his hope that, if positive trends continue, the mill rate will drop below $20 for the 2021/2022 fiscal year.
Mallard ducks on #2 Pond Photo: Terry Jellerson
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