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Rome Sees Wide Property Tax Disparity

August 26, 2008 - ROME -- Town treasurer Judy Buzzell knows of a lakeside property in town that sold for about $800,000.

Trouble is, the town assessment on the property wasn't quite $160,000.

And this is why, Buzzell said, the town is continuing to update its property and land values in stages.

A special town meeting is scheduled at 6:45 p.m. Monday at the Rome Community Center to see if townspeople will approve using $20,500 from surplus to pay for revaluation costs.

At the same meeting, residents also will vote on whether to use $12,420 from surplus to complete Rome's contribution to the Belgrade region's dams.

Buzzell said the revaluation -- started last year -- is much needed in Rome.

Currently, she said, homeowners only get 58 percent of their Homestead Exemption -- the Homestead Exemption is a property tax relief program.

Buzzell said the state reduces the level of Homestead reimbursement on property tax when a community's evaluation is well below its fair market value.

Fair market value is defined as what a willing buyer would pay a willing seller for a home.

"That hurts the townspeople," she said.

But that situation won't last much longer.

"We should be closer, if not 100 percent, (to fair market value) when we are done the revaluation," she said.

Buzzell said the Budget Committee has recommended residents support both requests.

BY COLIN HICKEY
Staff Writer, Kennebec Journal, 08/23/2008


Lakes:
Regions: Belgrade


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