Budget Talks

Lincoln County valuation $280 million less than last year

Thu, 02/14/2013 - 8:00am

    Lincoln County's property value has dropped by over $280 million since last year, according to a recent report from the Property Tax Division of the Maine Revenue Service. 

    A history of the state's valuation of municipal and county property from 2002 on the Revenue Service website (www.maine.gov/revenue) shows a slightly different figure for Lincoln County for 2013: about $265 million less this year compared to last. 

    But the value of unorganized territories within the county, primarily Hibbert's Gore, raised this figure up to $280 million, said County Administrator John O'Connell. 

    All towns saw a decrease in property value, except for South Bristol ($664,450,000 this year, compared to $658,150,000 last year). 

    The state determines the value of municipal and county property each year for the distribution of taxes and state grants. It takes nearly two years for the valuation process to be completed, so the 2013 valuation of Lincoln County property is based on a 2011 market analysis. 

    The percentages each town pays toward the county budget are based on their individual state valuations, calculated against the county valuation total.

    Commissioners approved the Lincoln County budget ($10.2 million) at the end of December, of which about $8.9 million is expected to be split among the towns. The final figure will be realized in the spring, after auditors determine remaining 2012 revenue and surplus. 

    In 2012, residents paid approximately $8.3 million in property taxes toward the annual county budget. Last year, Somerville's county tax commitment was $58,480. Bristol paid $1,275,455.

    Over the past decade county property valuations have nearly tripled, from $3.6 billion in 2002 to $8 billion. Since 2010 these totals have steadily declined. The attached chart shows the difference in valuation among Lincoln County towns this year compared to last.  

    Municipality 2012 state valuation 2013 state valuation % difference

    Alna

    $80,350,000

    $79,750,000

    -0.7

    Boothbay

    $986,450,000

    $955,300,000

    -3.1

    Boothbay Harbor

    $765,250,000

    $755,900,000

    -1.2

    Bremen

    $219,150,000

    $205,550,000

    -6.2

    Bristol

    $1,175,550,000

    $1,067,050,000

    -9.2

    Damariscotta

    $353,600,000

    $339,500,000

    -3.9

    Dresden

    $147,500,000

    $145,300,000

    -1.4

    Edgecomb

    $232,000,000

    $224,700,000

    -3.1

    Jefferson

    $347,500,000

    $327,500,000

    -5.7

    Monhegan Plantation

    $96,850,000

    $91,500,000

    -5.5

    Newcastle

    $287,100,000

    $284,100,000

    -1

    Nobleboro

    $298,000,000

    $297,150,000

    -0.2

    Somerville

    $53,900,000

    $53,650,000

    -0.4

    South Bristol

    $658,150,000

    $664,450,000

    +0.9

    Southport

    $652,150,000

    $626,500,000

    -3.9

    Waldoboro

    $501,100,000

    $492,850,000

    -1.6

    Westport Island

    $229,750,000

    $224,000,000

    -2.5

    Whitefield

    $186,100,000

    $181,100,000

    -2.6

    Wiscasset

    $442,850,000

    $432,050,000

    -2.4

    Unorganized Territories

    $15,200,000

    $15,150,000

    -0.3

    Total

    $7,728,500,000

    $7,463,100,000

    -3.4