The average single family home in Prescott will be paying an extra $32.70 per year in property taxes.
This comes after council members approved a two percent increase at a special council meeting last night.
Council also approved the budgets for 2017, including a $9.2-million operational budget and a $8.4-million capital projects budget.
Mayor Brett Todd says the increase will help compliment the town’s reserves to help tackle major improvements and infrastructure needs.
Todd wanted to reassure residents that the two percent increase would be going entirely to helping improve the town, and not to administration.
Included in this year’s budget was a home re-evaluation by the Municipal Property Assessment Corporation, which takes place every four years.
Based on the reassessment, the total value of all properties in town went down by $8.57-million, or 2.51%.
The average single family home price in Prescott now sits at $156,000, down an average of three percent from from the last evaluation.
Factoring in all tax classes – residential, multi-residential, commercial, and other – the average bill increase for tax payers will equal about $35 extra.
