From Town Administrator Ken Folsom and the Board of Selectmen with input from the Shaker Regional School District:

At the 2024 March Town Meeting there was discussion on the potential for a significant increase in the school part of the tax rate that will affect the December 2024 tax bill.

The Board of Selectmen and the Budget Committee met with the School Board representatives from Canterbury, school Superintendent Michael Tursi and school district Business Administrator Debbie Thompson on Sept. 9 at the regular Board of Selectmen’s meeting. Discussion centered on the
estimated tax increase that will be seen on the December bill.

During the school district’s public hearings earlier this year, it was communicated that the major contractual cost drivers of
the budget increase included the second year of a collective bargaining agreement, a health insurance rate increase, and a new transportation contract. There were additional increases in purchased services, supplies and printed materials, and furniture and equipment. The district also had a loss of revenue from the equalized education grant, the statewide property tax, and estimated a zero fund balance that would be used to offset taxes. At the time, the district estimated a local school tax rate of $14.56 per thousand in assessed valuation, based on a $370,653,184 valuation for the tax base.

In March, the district estimated Canterbury’s share of support for the schools to be $5,397,112. Since that time the district has closed its books and will be returning $982,361 of unassigned fund balance to offset taxes. Additionally, the district is anticipating additional revenues from other sources that will go to offset taxes. Based on current revenue estimates Canterbury’s share is now estimated to be $5,132,652.

The amount of each town’s share is based on its combined percent of the Average Daily Membership and Equalized Property Valuation. Canterbury’s share for 2024-2025 is 24.05%, which is an increase of 2.74% over the prior year.

Here is the formula for tax calculation: Canterbury Apportionment of School Budget / Canterbury Assessed Value x 1,000 = tax rate per $1,000 of assessed value.

For the 2023-2024 school year, here are the actual figures:
$4,043,915 / $370,653,184 = school tax rate of $10.91 per $1,000 of assessed value.

Here is the current estimate for the 2024-2025 school year figures: $5,132,652 / $375,979,513 =  a school tax rate of $13.65 per $1,000 of assessed value.

It is estimated that the December 2024 Local School Tax Rate will increase $2.74 per $1,000 of assessed value.

The accompanying grid shows the estimated increase on the December 2024 tax bill for the local share school portion of the tax rate. For the June 2025 tax bill this amount will be divided in half. The increase is an estimate only. The final tax rate will be set sometime in late October.

For questions regarding the estimated school portion of the tax rate, please contact the school district at 1-603-267-9223.

For questions regarding the estimated town portion of the tax rate or how tax bills are prepared, please contact the town offices at 1-603-783-9955.