Most Saco homeowners can anticipate tax decrease

The majority of Saco homeowners can anticipate a decrease in property taxes.

The City Council, on Monday, approved a $73.6 million Fiscal Year 2025 budget, which includes the municipal budget, county taxes, and the local share of the proposed school budget. The $73.6 million budget is a 1.8 percent increase over the current year’s budget.

The mil rate is expected to decrease 70 cents – from $14.75 in the current fiscal year to $14.05 in the 2025 fiscal year.

The major factors for the reduction in the mil rate are a $2.4 million increase in city revenue and the use of City TIF funds.

City officials say that about 85 percent of homeowners will see a reduction in their property tax. The owner of a median single-family residential home valued at $412,000 should expect to see about a $288 tax reduction.

Those who had enrolled in the State of Maine Senior Tax Stabilization Program may see an increase in taxes due to the repeal of the program.

“I am extremely happy in the effort that our administration put into this year’s budget and seeing the need for a decrease in residents’ taxes after the substantial increase seen last year due to the revaluation. With increases happening in all communities this helps to speak to our residents that we are listening and hear their concerns” said Mayor Jodi MacPhail.

Monday’s vote was the final vote for the municipal budget and acceptance of county taxes. Saco residents will get the final say on the nearly $52.2 million school budget at a June 11 city-wide vote.

Publisher Liz Gotthelf can be reached at newsdesk@sacobaynews.com.