A significant portion of the meeting centered on the Board of Assessors’ recommendations for the fiscal year 2025 tax classification. The assessors reported that residential properties made up 89% of the town’s total property value, with commercial and industrial properties accounting for the remaining 10.9%. The increase in residential property values, attributed to market dynamics and buyer preferences, has led to growing tax burdens for many homeowners. Concerns were raised about how these rising values disproportionately affect lower-income residents, who are seeing substantial increases in their tax bills.

One board member highlighted that the median home price had increased by 47% over three years, resulting in a $367 tax bill hike for average homeowners in just one year. This member argued for a more equitable tax system. The discussion touched on the broader economic implications of these trends, with members expressing concern about the sustainability of current home values and the risk of a housing market bubble similar to that of 2008.

Exploring alternative revenue sources to alleviate the tax burden was also discussed. While the town has implemented a meals tax, and other communities have benefited from cannabis sales, there was caution against relying on such revenue, as it has proven unsustainable for some municipalities. A proposal to boost commercial and industrial growth to expand the tax base was considered, though it was acknowledged that this would require significant investment, which is not feasible in the near term.

In addition to tax concerns, the board addressed the town’s operational budget and the impact of decreasing state aid. One member expressed frustration with the state’s approach, which places additional financial pressure on local taxpayers. The operational budget had risen by approximately $1.5 million year-over-year, prompting discussions on how to manage these increases without causing significant tax spikes, particularly for vulnerable groups like single-family homeowners, seniors, and lower-income households.

The board acknowledged that merely shifting tax classifications would not solve the fundamental issue of increasing spending and taxes. A motion was made to continue the tax classification hearing until December 3rd to allow for further review of financial data before finalizing decisions. The urgency of certifying the tax rate by mid-December to ensure timely tax billing was emphasized.

Amid these financial discussions, the board also recognized local efforts, including the town clerk’s office and election workers for their successful handling of recent elections. Additionally, an upcoming Veterans Day parade was announced.