Mill Rate To Drop To $20.16

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.

• Single family homes assessed at up to $100,000 will see an average drop of $131.73 in their tax bills.
• Homes assessed between $101,000 and $150,000 will see an average increase of $23.19.
• Homes assessed beween $151,000 and $200,000 will see an average increase of $53.90.
• Homes assessed between $201,000 and $250,000 will see an average increase of $73.20.
• Homes assessed between $251,000 and $300,000 will see an average increase of $60.67.
• Homes assessed at greater than $351,000 will see an average increase of $229.12.
• Multi-family homes of two or three units will see an average increase of $245.93.
• Multi-family homes of four to seven units will see an average increase of $275.75.
• Multi-family homes of eight or more units will see an average increase of $445.76.

Mayor Tom Cote expressed his hope that, if positive trends continue, the mill rate will drop below $20 for the 2021/2022 fiscal year.

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