Shall the Town of Hampton vote to raise and appropriate as an operating budget, not including appropriations by special warrant articles and other appropriations voted separately, the amounts set forth on the budget posted with the warrant as amended by vote of the first session, for the purposes set forth therein, totaling $28,322,336. Should this article be defeated, the default budget shall be $28,335,036, which is the same as last year, with certain adjustments required by previous action of the Town of Hampton or by law or the governing body may hold one special meeting in accordance with RSA 40:13, X and XVI to take up the issue of a revised operating budget only? (Majority vote required)
Fiscal Impact Note (Finance Dept.) The proposed operating budget figure of $28,322,336 is an increase of $727,220 more than the budget amount adopted in 2019 of $27,595,116. The net estimated 2020 tax impact of the proposed operating budget is $0.193 per $1,000 valuation (nineteen point three cents per thousand dollars of valuation). The default budget figure of $28,335,036 is an increase of $739,920 more than the budget amount adopted in 2019. The net estimated tax impact for the default budget is $0.197 per $1,000 valuation (nineteen point seven cents per thousand dollars of valuation)
What it means: The voters are presented with two budgets. The Default Budget is regulated by RSA 40:13 and is determined by the amount of the previous-year approved budget, as adjusted by debt service, and contracts/obligations mandated by law. The Default Budget will be the Operating Budget for the Town in the event the Proposed Operating Budget does not pass.
For 2020, the Proposed Budget is an increase over the 2019 approved Budget by $727,220, but is less than the Default Budget by a difference of $12,700.
The Default Budget adds $0.197 per $1,000 valuation or $78.80 for a $400,000 home in Hampton. The Proposed Budget adds $0.193 per $1,000 valuation or $77.20 ($1.60 less than required by the default budget.).
To calculate the effect on your property tax (for your specific property):
Divide the Tax Assessor’s Valuation of your home by 1,000. (Example: for an assessment of $400,000, the number to use would be 400.) Use your latest tax bill, or go to: http://gis.vgsi.com/hamptonnh/Search.aspx and enter your street address to get your valuation.
Multiply the result in #1 by .197 to get the tax impact of the proposed Operating Budget. Multiply the result in #1 by .193 to determine the tax impact of the Default Budget.
Those in favor say: The proposed Operating Budget is less than the Default Budget for the first time since 2015.
Those against say: There was no discussion against the proposed Operating Budget at the Deliberative Session.
Fiscal impact: A Hampton home valued at $400,000 would bear an increased tax cost of $77.20 in 2020 if the Proposed Operating Budget is approved. Note that the Default Budget is higher than the one proposed.