For some time, Town Administrator Steven Contente and members of the Town Council have discussed steps they could take to reduce the tax burden on residents. At the last council meeting on Wednesday, May 7, they acted.

The deadline to file for a resident homestead rate passed on May 1. According to Contente, of the 7,109 residential homes in town, 4,430 qualified for the owner-occupied homestead rate.

That left Tax Assessor Kristopher Leadem to devise a split rate that will provide a measure of relief for residents without being unduly punitive to landlords.

Using the example of a $400,000 home (the average price prior to the recent revaluation), he noted that valuations had gone up, on average, about 45%, to about $580,000.

A lengthy conversation ensued, much of it centering around the fairness of shifting some of the tax burden from the taxpayers with the homestead rate vs. non owner-occupied as well as mixed-use properties, but ultimately the Council settled on a homestead rate of $9.60 for owner-occupied properties. Otherwise the rate will be $10.71, pending certification of the tax roll.

Will my taxes go up?

Whether your taxes go up or down depends on the result of your recent revaluation, but using the example of the average Bristol home that was valued at $400,000 last year and $580,000 now, at the existing rate of $13.82 per $1000 value, that $400,000 house was taxed $5528.00 this past year. Under the new rates, with the new valuation, that $580,000 house will be taxed $5568.00 if owner-occupied and $6211.80 if not.

The motion to amend the tax rate passed the Council unanimously.