KILLINGTON—On Tuesday, July 7, the board of selectmen set the municipal tax rate for the Town of Killington for the 18-month budget adopted on Town Meeting Day. The town has an 18-month budget and tax rate because it is in the process of transitioning from a calendar budget year (Jan.-Dec.) to a fiscal year (July-June).
The 18-month tax rate, covering municipal services during the period from January 2015 to June 2016, will be 0.4633. To compare this to a 12-month tax rate, this 18-month rate represents an increase of 0.0129 over the 2014 tax rate (or 1.29 cents increase per year). This rate will raise enough tax dollars to fund general fund expenses, as well as the additional spending articles passed at Town meeting.
The municipal tax represents approximately 15 percent of the entire annual tax bill. The state education tax represents the remainder at approximately 85 percent of the annual tax bill.
On Monday, July 6, the State of Vermont posted the education tax rates for fiscal year 2016. For Killington, the homestead (resident) education tax rate is $1.7364, which is up .0619 (6.19 cents). The non-resident tax rate is $1.9685, which represents an increase of .0297 (2.97 cents).
Tax collection and billing changes for 2015-16
As the result of Article 2 passing on Town Meeting Day, town tax payments will be divided into four installments, instead of two in prior years. Taxes will be due on:
- Aug. 15, and overdue subject to interest on Aug. 25
- Nov. 15, and overdue subject to interest on Nov. 25
- Feb. 15, 2016 and overdue subject to interest on Feb. 25, 2016
- May 15, 2016 and overdue subject to interest and penalty on May 25, 2016
Selectboard Chair Patty McGrath said, “We’re on track to execute the plan we presented at Town Meeting. The budget funds vital town infrastructure and core municipal services, and completes the important transition to a fiscal year. This transition will allow residents to vote on a budget that begins after Town Meeting and strengthen the finances of the Town.”