Wolcott property taxes are going up — substantially.
The Wolcott Select Board set the tax rates earlier this month. Local homeowners, businesses and second-homes owners will see double-digit increases.
The homestead rate for the current year is $2.51 per $100 of property value, up about 14 cents from last year’s rate of $2.37. The non-residential rate is $2.54, up roughly 19 cents from last year’s rate of $2.35.
Taxes for a homeowner with a house valued at $100,000 will jump $141 to roughly $2,409 this year. The tax bill for a business or second home will increase $190 per $100,000 of property value.
The increases stem from jumps in both town and school tax rates. The town rate of $.83 is up roughly 7 cents from last year’s rate of $.76. The education tax rate is now $1.68. up roughly 7 cents from last year, while the education non-residential rate is $1.70, up almost 12 cents from last year.
Property tax bills are paid in two installments; the first installment is due Nov. 16 and the second on May 17, 2021. Town Clerk Belinda Clegg hoped to mail out the bills for the first round by the first week in September.