Politics & Government
How Will The Town's 2012 Budget Affect My Taxes?
JohnstonPatch goes inside the numbers of the proposed fiscal 2012 budget.
With the mayor's proposed budget scheduled for a town council hearing tonight, one question that is sure to be on the minds of Johnston homeowners is: What will the increase do to my taxes?
The answer to this question is pretty straightforward — take the town's assessment of your property and multiply it by the anticipated increase of 94 cents per $1,000.
So, for example, if your house is assessed at $200,000, take 200 and multiply by 0.94 to get $188. That's the expected increase for your taxes in the next fiscal year, which runs from July 1, 2011 through June 30, 2012.
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Based on the mayor's proposed budget, the town's residential property tax rate would go up to $24.75 per $1,000 in fiscal 2012.
(Johnston also provides a homestead exemption of 20 percent of a home's assessed value. It is not included in this estimation.)
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That's also the way to figure out the potential hike if the town council makes changes to the budget — for example, if the council adds money back to the school department.
(The mayor recommended a $48 million budget; the school committee has requested $48.8 million.)
What would happen to the tax rate if the $800,000 were added back?
Based on the equation of $1 on the tax rate equalling about $1.6 million in money collected, $800,000 would add another 50 cents to the expected rate for fiscal 2012.
Using the earlier calculation, the owner of a home assessed at $200,000 would pay another $100 in taxes, for a total increase of $288 — or about $72 every quarter — to fund the school department's request.
The town council is scheduled to meet and review the budget at 7 p.m. at the Municipal Court.
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