Statement on 2023 Tax Bills

Posted on: November 10, 2023 - 10:30am

Statement on 2023 Tax Bills

State law requires that towns stay as close as possible to a 100% ratio of assessments to market values. Kensington conducts revaluations on a five-year cycle to comply with the law. Given the dramatic increase in the housing market over the last five years, our ratio prior to the 2023 revaluation was a historically low 65%. The revaluation resulted in large adjustments to property values, with an average increase of 68%. Some properties saw increases higher or lower than the average, due to changes to the property or the varying market value of types of properties.
The town’s overall property assessment went from $403,918,460 to $679,598,420. Given this new valuation, the town’s tax rate was adjusted from $19.86 to $13.15. That $13.15 breaks down as follows

Total to be raised % of Total

Town: $2.83 $1,922,643 21.5%

County: $0.53 $357,934 4.0%

Local Education: $8.72 $5,926,535 66.3%

State Education: $1.07 $708,195 8.1%

The December 2023 tax bills reflect the new valuations and the new tax rate. These bills also reflect any increases in school or town appropriations voted on with the March 2023 warrant. From 2022 to 2023, the changes in the relative portions of total appropriations break down as follows:

2022 budget 2023 budget % change

Town $1,835,551 $1,922,643 4.74%

County $ 352,899 $357,934 1.43%

Local Education $5,274,220 $5,926,535 12.37%

State Education $ 533,206 $708,195 32.81%

The Kensington Board of Selectmen and town employees are very aware of the impact tax bills have on residents. Even as goods and services get more expensive for all of us the Board is committed to limiting budget increases as much as possible.