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How Much Would the Casino Reduce My Property Taxes?

"How much will my taxes go down?" That's one of the most common questions heard as people discuss whether to vote "yes" or "no" at the November 19 townwide referendum on the host agreement between the town and Foxwoods Massachusetts, LLC for the proposed resort casino that would be built off the northbound lanes of Interstate Route 495 near East Main St. (Route 16).

There are some "official" numbers from the town's official source of property tax information. While Assessor Administrator Priscilla Hogan said – that if the casino does come to Milford – it is probably five fiscal years too early to really know, she nonetheless did calculate what it would mean to Milford homeowners and businesses if property tax payments from the casino already were filling the town's coffers today. But, she's careful to point out the assumptions underlying her numbers:

• A certain percentage of tax revenue from the casino is dedicated to lowering the property tax rates.

• The town's operating budget remains at the Fiscal Year 2013 level.

• The town's estimated receipts (primarily fees from permits and licenses) remain at the Fiscal Year 2013 level.

• The amount of money to be raised by taxes remains at the Fiscal Year 2013 level.

• Use the current, Fiscal Year 2013 tax rates of $16.95 (per $1,000 of valuation) for residential properties and $29.21 (per $1,000 of valuation) for commercial properties, and maintain the 1.48 shift.

Hogan ran two separate calculations. The first – using all $25 million in property tax revenue to lower the tax rates – gives homeowners a 40.65 percent tax break and businesses a 23.55 percent reduction. The second scenario – in which the town spends $6.25 million (25 percent) of that $25 million and devotes the remaining $18.75 million to lowering the tax rates – yields 33.86 percent and 14.86 percent reductions, respectively.

There are two tables listing her calculations for the seven different categories of property in Milford. One is shown above and the other is available online at Towncrier.us.






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