As you may remember from a previous email newsletter from the Bath Assessor's office, the Maine Property Tax Stabilization program was shut down after just one year (2023). As explained in an earlier email, this means that many of those whose taxes were stabilized in 2023 will see the impact of last year's City-wide property valuation update in this year's tax bills. This is because the State of Maine paid a portion of your tax bill last year under the Maine Property Tax Stabilization program, and now that portion is back to being your responsibility.
In addition, 2024 has brought its own pressures to your property tax bill. Budget increases are projected to be 7% across RSU1, Sagadahoc County, and the City of Bath, and new property valuation updates are being completed for the 2024 tax year.
Although I am not yet able to provide estimated tax amounts for 2024, I do want to call your attention to the Bath Tax Club, which you may find helpful in managing your annual property tax bill if your tax payment is not escrowed by a mortgage company. The deadline to apply for the Bath Tax Club is this Thursday, August 15.
The Tax Club is a program that allows residents of the City of Bath to spread out their property tax bill in twelve (12) monthly (and interest-free) installments instead of a single payment. The program is only available on a taxpayer's primary residence and is not available on commercial, industrial, personal or rental properties. You can find out more about the program on this web page: Bath Tax Club. The application form can be filled out and submitted online, or you can apply in person at the Bath Treasurer's Office on the first floor of City Hall.
Once again, the rapid growth of the residential real estate market has required that we update real property valuations in 2024, in order to ensure that homestead and veteran's exemptions are not reduced, and to avoid a reduction in State of Maine reimbursements for the taxes due on tax-exempt business equipment (the 2023 payment from the State of Maine was $2.7 million, which makes the State of Maine, in essence, Bath's second largest taxpayer). The valuation updates are not yet complete, and thus I cannot yet predict the tax rate for 2024, though it should be lower than last year's tax rate.
Residential property valuation updates are nearly complete, and you should expect to receive a letter with your 2024 valuation by early in the week of August 19. Tax amounts for 2024 will be calculated and posted on our website before August 26. Tax bills will be prepared and mailed as usual to arrive in mid September, and tax bills are due on Tuesday, October 15 (unless you have enrolled in the Tax Club).
| When you receive your 2024 valuation notice: Please do not apply last year's tax rate to estimate your taxes for 2024; |
On August 28, the City will hold a public meeting to discuss the 2024 property valuation update. Though this meeting cannot address individual valuation concerns, we will explain the process used to update our values, as well as the process for reviewing any concerns you may have regarding your new valuation.
Property owners have 185 days from the date the valuations are finalized (expected to be the week of August 26) to formally appeal their valuations. However, most concerns can be addressed through informal discussions with the Assessor. Because valuation updates are still in process, we will not be able to discuss 2024 property valuations until after September 1, 2024. Appointments for September or October can be scheduled on line now via our website or you may call for an appointment after September 1.
I hope this is helpful to your planning for the 2024 tax year.
Best wishes,
Brenda Cummings, Assessor
City of Bath