Officials with the Town of Mulgrave say they’re facing a loss in their commercial tax revenue.
They advise a $100,000 shortfall comes following a successful appeal by the reps of an unnamed company in the town on their commercial tax assessment.
After February’s regular town council meeting on Monday evening, the town’s mayor Ralph Hadley advised the town wouldn’t absorb the loss all at once and would spread it over the next two budgets.
He said the town is facing a shortfall of $50,000 from a single commercial company this year and next, which is quite a blow for the town and they’ll try to find it in their budget to try and make that up.
Hadley said the town will review all their departments and programs to try and find or free up some money.
It’s too early to tell how the loss will impact tax rates in the town but Hadley advised he doesn’t hope he’ll have to raise taxes, as they haven’t even considered that option but if they have to they will.
The town will try to come up with solutions during their budget deliberations taking place in March