Council will hold a public hearing for the proposed budget Aug. 22 and a public hearing for the tax rate Sept. 19. The proposed budget and tax rate will be voted on at the Sept. 19 meeting.
The no-new-revenue tax rate gives residents the opportunity to evaluate the relationship between taxes for the current fiscal year and the upcoming fiscal year. This tax rate produces the same amount of revenue when applied to the same properties in both fiscal years, according to meeting documents.
The voter-approval rate is the highest tax rate a town can set before an election is required, according to meeting documents.
In addition, the council proposed a maximum tax rate of $0.405 per $100 valuation. The adopted tax rate cannot exceed this maximum rate.