Warren’s real estate has lost $89 million of its assessed value, a new analysis concludes. What does that mean for you? It depends on what happens with the budget.
If the proposed town budget is adopted as is, Warren voters would see a tax rate of $18.54 this coming fiscal year, up $1.50 from the current year’s $17.04 per $1,000. That is misleading, however.
The assessors who recently completed Warren’s statistical revaluation reduced the value of Warren’s tax base, the total value of the town’s property, by 7.7 percent. With a smaller base to draw from, the rate per $1,000 of assessed value rose accordingly.
If the upcoming budget stays the same as the current year’s, owners whose properties were reduced in value by the town average, or close to it, would see little to no change in their tax bill.
However, the budget plan includes $10.34 million in municipal spending, up 1.85 percent from the current year, and a .57 percent reduction in education spending. Warren’s contribution to the $33.7 million Bristol Warren Regional school budget is expected to be $11.68 million, down $484,000 from this year.
Home and property owners should receive updated assessment figures from the Town of Warren over the next two weeks. The new assessments reflect the recent statistical revaluation, and tax assessor Cathy Maisano said residents who have questions about their new values will be able to meet with revaluation officials from Northeast Revaluation Group LLC, the town’s revaluation firm.
To compute your own tax bill, divide your home’s new value (attached to the letter due to be sent by the town) by 1,000 and multiply that amount by the newly updated tax rate. The budget must be approved by voters at Financial Town Meeting in May and the new tax base ratified at the same time.