Basic Prop Tax Caclulation

Basically it works like this:Total property taxes collected in 2020 = (Total property taxes collected in 2019 * 1.025) + (any new overrides).Property taxes charged per $1,000 of property value = Total property taxes collected in 2020 / (Total adjusted value of all property in town* / 1000)* This value is adjusted by various exemptions, notably the residential exemption.So
- the value of a given property affects how much you vs your neighbors pay.
- the value of a given property does not affect total property taxes collected
- the value of all property across town affects the tax per $1,000 of home value
- the value of all property across town does not affect total property taxes collectedThere are some more wrinkles in the calculation (e.g., new developments), and the 2.5% is a maximum, so a town can choose to increase by less, but not by more unless there's an override. But this covers the point generally.

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