PRESQUE ISLE, Maine — City councilors Wednesday approved setting the property tax rate for the fiscal year at $25.82 per $1,000 of property value, a slight increase from last year’s mill rate of $25.60.
The total amount to be raised through local property taxes is $14.4 million, which represents an increase of $201,053 over 2017.
The municipal portion of the tax commitment, including the local education appropriation, is set at $12.4 million, an increase of $391,169 from 2017.
In June, residents of School Administrative District 1 member communities voted for an education budget of $24.7 million, which previously failed at the polls, with the school-related property taxes being set at increases of 2.9 percent for Presque Isle, 4.5 percent for Castle Hill and Chapman, 7.8 percent for Mapleton and 6.5 percent for Westfield.
City Assessor Lewis Cousins said the total tax valuation for real estate or personal property would be $560.9 million if the city did not have to pay Homestead and Business Equipment Tax exemptions.
“With those exemptions in place the taxable valuation is $521.8 million,” Cousins said.
The Homestead exemption provides a tax break to individuals who have made their permanent home in Maine while BETE provides tax breaks to businesses for equipment and facilities.
Cousins expects that the 2018 tax bills for property owners will be sent out within the next 10 days.
