The Manchester City Council held a special meeting to discuss the city’s proposed property tax levy. The proposed levy rate would lower the city’s portion of residents’ tax bills from $15.45 per $1,000 of assessed value to $14.96. The mark would be the lowest rate during 10-year history of the levy rate. City officials pointed to growth in the community as the reason that the levy could be decreased. It was also the result of decreases in the consolidated general fund levy going from $7.97 to $7.73 per $1,000, which is set by the state and was limited based on the growth in valuations, and the debt service levy, which will be $2.68 per $1,000. For a home with an assessed value of $100,000, if the assessed value remained steady year over year, residents would see an over $66 decrease in the city portion of their property taxes. For a commercial building assessed at $500,000, the decrease would amount to over $255.
