Single-family homeowners in Prescott could pay an average $78 more in property taxes this year.
That’s according to the current operating budget draft from the Town of Prescott, presented to council Monday night.
Based on its recommendations, the municipal portion of the property tax rate will be increasing by 3.5 percent.
“We already know that the education tax rate is not going to change in 2023,” explains Chief Financial Officer Matt Armstrong. “So, while our portion might change by 3.5 percent, the education portion, which is smaller, isn’t going to change, and therefore, if you’re a residential taxpayer, your increase is only going to be about 3.1 percent.”
Armstrong says the increase is needed to relieve pressure on the town’s budget caused by inflation.
“At this point,” he says, “we can balance the budget with a 2.5 percent property tax increase dedicated to inflation and cost pressures, and 1 percent in addition to that dedicated to infrastructure.”
The next budget meeting is scheduled for March 6th. You can view a detailed breakdown of the draft on the Town of Prescott website.