For a home with an average assessed value, taxes will increase by $466 total over 5 years (from Fiscal Years 2023 to 2027). That is only $93 per year. After 5 years, there is no incremental increase in taxes due to the high school project because old debt for existing capital projects will be retired. This tax increase will cover all expenses related to borrowing money for the project (which occurs through the issuance of bonds), including principle, interest, and any fees.
The assessed value of a home is 70% of its market value. The average assessed value of a home in Farmington is $226,777 (market value of approximately $324,000). Not sure what your assessed value is? You can look it up through the Town’s online Property Record Search. The table below shows the tax impact by assessed value listed in increments, which can help you determine what your individual tax impact will be.
How much will this project cost the town?
Estimated Total Project Cost $135.6 million
State Reimbursement -$26.3 million
Total Cost to Town $109.3 million
Tax Impact by Assessed and Market Property Value
For additional detail on the project cost, tax impact, and bonding see the FHS Building Committee’s Project Cost page.
Source: FHS Building Committee March 2021 Project Update Newsletter, page 3.