There won’t be an increase in Woolwich property taxes this year. The rate will stay at $15.40 per thousand dollars of assessed valuation, the same as in 2020. The select board set the tax rate Monday evening, Sept. 27, after meeting with accountant William Brewer of Bath and assessing agent Juanita Wilson-Hennessey.

Brewer said the tax commitment totaled $5.91 million, about the same as last year. Roughly 60% will go for education, 30% for operation of the town and 10% for taxes paid to Sagadahoc County.

“This past year your office staff was able to collect 98% of the property taxes owed to the town. They should be commended for that,” said Brewer.

Wilson-Hennessey noted Woolwich added roughly $8 million in new taxable valuation from new home construction. The town received $201,787 in 2020 homestead reimbursement and $93,876 in Business Equipment Tax Exemption Program funds.

On Brewer’s recommendation, the board increased this year’s overlay from $91,415 to $132,071. The overlay serves as a cash reserve account to provide a backup source of money to cover abatements and unexpected shortfalls in property tax revenue.

The town received an additional $129,867 in revenue after the Regional School Unit 1 board recently voted to return half of the additional subsidy generated by Woolwich; Bath received the other half. “We were very grateful for this decision to return the money, even in the face of other RSU needs,” said Selectman Allison Hepler. “At the RSU 1 board meeting I attended, they wanted to make sure they could use American Rescue Funds to cover at least one of their most pressing maintenance issues, which was air conditioning and ventilation upgrades for part of the Woolwich Central School,” she added.

Select board chairman David King Sr. said he hopes the town will consider putting additional monies aside to begin a new town-wide property tax revaluation. “The sooner we have this done, the better.” Last May, voters raised $100,000 towards the revaluation, which King said could run between $300,000 and $400,000. Woolwich hasn’t had a revaluation in more than 14 years; the state recommends doing one every 10 years.

Property tax bills will be in the mail later this week.