Selectmen Approve FY16 Tax Rate

Selectmen in Milford voted to maintain a split tax rate Monday night.

For fiscal year 2015, the residential tax rate will be $17.18 per $1,000 of accessed value and $29.57 for commercial proprieties according to the Milford Daily News. Since last year, single-home values have gone up four percent, with tax bills going up an average of 1.87 percent or $87.

For commercial properties, there was a 3.9 percent increase in value and a 1.53 percent, or $563 average increase on tax bills.

Thanks to the $2.8 million in surplus funds contributed to the tax base, the increase was not as high as it could have been. Without the surplus, the average increase for single-family homeowners would have been $134 and $769 for commercial properties.