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Is there any possible way to stay under the tax cap? Best possible solution - Decrease General Fund Tax by 15% • General Fund tax rate will go from current 0.377440 to 0.320824 • General fund will lose $32,066 in tax revenue • Use of General Fund fund balance will go from $354,663 up to $386,729 (this fund is the only one with a fund balance large enough to take the hit) • The Town will be under the tax cap by $1,547 • The overall increase will be 2.99% versus the current proposed 4.09% • On a house of $150,000 assessed value: The General Fund tax will go from $56.62 to $48.12 saving the taxpayer $8.49 If that house has garbage service the tax will still be increasing by that $30 less the amount saved by the general fund (in this example $30 - $8.49 = $21.51) 59