Following the Manchester Board of Aldermen public hearing last month, the proposed 2017 property tax levy for the city’s general operating fund and debt service fund was unanimously approved.
Former Finance Director Dave Tuberty presented his recommendation at a public hearing on Sept. 18 for the established tax rates for residential, commercial and personal property. Tuberty said the valuation is at $364.1, which is a slight increase from the 2016 valuation of $336.9. This allows the city to retain last year’s tax rates for operating expenses.
The personal property tax rate of 24.3 cents per $100 will remain unchanged from the previous year, as will the combined tax rate for owners of residential and commercial property of 23.8 cents.
The notable change to the 2017 tax rates is regarding the debt service collection. The debt service rate was set at $0.0240 per $100 valuation because the city’s final general obligation debt payment [which funded the Manchester Police facility] will be made in February 2018. The next two years debt service requirement is $633,270, which will be paid by collecting $86,000 in 2017 and its final payment of $547,000 the following year.