JAY — Selectpersons set the tax rate Tuesday at $22 per $1,000 of assessed property valuation for 2024-25, or $1 less than last year.

Those 65 years and older who may have applied for the state’s property tax stabilization program will be affected because the state did away with the program last year. When the applications were available, the tax rate was $20.50 in Jay. The rate stayed the same in 2022 for those who qualified for the program and filed last year.

This year, those who filed for the program will be taxed $22 per $1,000 of property value, the same as others.

Selectpersons used $250,000 from the undesignated fund to offset a higher rate, leaving enough to cover the cost of repairing roads damaged during storms in 2023. However, it is unknown how much the Federal Emergency Management Agency will reimburse the town. The federal government’s share is 75%, the state’s is 15% and the town’s is 10%.

The Select Board had three options for the tax rate and chose the lowest. The $56,557.65 overlay will be used to cover abatements.

The town applied for the state’s Adjustment for Sudden and Severe Disruption of Valuation program in summer 2023 because of Pixelle Specialty Solutions closing its Androscoggin Mill in March 2023. The state has lowered the town’s property valuation by $93.6 million.

The town received $2 million in state revenue-sharing this year compared to $1.1 million in 2023.

The amount of appropriations and deductions is nearly $10.7 million, which includes Franklin County, municipal and education assessment. Last year, the amount was $11.1 million. The amount taxpayers need to raise is $6.7 million, down from $7 million in 2023. The town’s share of Franklin County and Regional School Unit 73 assessment is less than last year at $22,184 and $728,071, respectively.

The town’s property valuation is 75% of market value, which homeowners who qualified for the homestead exemption will receive less. Instead of a $25,000 exemption, they will receive $18,750. Last year, they received $22,250, according to assessing agent Paul Binette’s information.

Businesses and others will also be assessed at 75% of market value.

The first half of tax bills is due Oct. 2 and the second half on April 1, 2025.