Property owners in Belvidere are getting a bit of a break on their tax bills this year.
The tax rates have been set, the first bills have been sent out and anyone who pays property taxes in Belvidere should see bills that come in a bit lower than what they paid last year.
The combined tax rate for primary residences is $2.18 per $100 dollars of property value, about 7 cents less than last year’s rate of $2.25.
The combined rate for non-residential properties — second homes and businesses — is $2.23, less than last year’s rate of $2.33.
For primary residences, that translates to a tax bill of $2,180 per $100,000. Last year that bill was roughly $70 more at approximately $2,249.
For second homes and businesses, $100,000 of property value equates to a bill of $2,232, about $93 less than last year’s bill of $2,325.
Belvidere Town Clerk Cathy Mander-Adams credited the lower tax bills at least in part to new properties being developed in town, growing the town’s grand list.
Belvidere property owners pay their tax bills in two installments. Unlike many towns, Belvidere splits its tax bills into an educational portion to fund its local schools and a separate municipal portion to pay for town expenses. The bill for the educational portion of the tax rate was due last Thursday.
The municipal portion of the tax bill is due in November.
“Each town decides how property taxes are paid,” Mander-Adams explained.
Belvidere’s 2020 educational tax rate for primary residences is $1.63, down slightly from last year’s rate of $1.64. The current education rate for secondary homes and businesses $1.68, about 3 cents less than last year’s rate of $1.71.
Belvidere’s municipal rate this year is 55 cents, down 6 cents from last year’s rate of 61 cents.