The City of Saco projected a mill rate increase of $0.11 to bring the mill rate to $19.49 during its annual budget process. Saco experienced an increase in the state valuation from growth in both residential and commercial projects. We are pleased to inform you that because of this valuation increase, the tax rate will stay at $19.38, which is the same rate set in Fiscal Year 2019.
As the community continues to see growth in the market, it is helpful to make small adjustments annually to avoid a significant jump in future years. As such, our Assessing Department modestly increased the community valuation by an average of 2%.
So, while the mill rate will stay the same, property values have increased. Therefore, a homeowner with a home valued at $250,000 (the median home value in Saco), will experience an increase of approximately $96 for their FY2020 taxes.
Tax bills will be mailed in mid-August, and the first payment of taxes is due on September 13th. Saco does offer an eight month payment plan called EZ Pay. For more information call (207)282-1032.
Please visit the Assessing page on the website at www.sacomaine.org or call (207)282-1611 to learn more about exemptions.
We have received several questions about how valuations and exemptions are calculated. Per Maine Revenue Services, a municipality can declare a certified ratio of up to 10% over the ratio determined by Maine Revenue Services in the most recently certified state valuation. The most recently certified state valuation is for 2019 and is based on the April 1,2017 data. The valuation for Saco was determined to be at 90%, so the city can certify a ratio of up to 99%. Therefore, any exemptions or state reimbursements are factored to 99%. Example: $20,000 homestead exemption for this year is $19,800, which translates into a difference of $200 x 19.38 (mil rate) = $3.87, or a $4.00 loss (for the taxpayer) on the homestead exemption. The same formula is applied for all veterans’ exemptions and the Business Equipment Tax Exemption (BETE) program.