My taxes went up 18%! What happened to Proposition 2 ½?!

Two of the key factors that have an affect on your tax payments.

1. The fiscal year begins July 1^st.The fiscal year tax rate is set based on the new budget which is usually an increase over the previous year. But this calculation doesn’t happen until after the Special Town Meeting, held in late October or early November. By then, the first 2 quarterly tax payments, due August 1^st and November 1^st, have already been issued. For this reason, those first 2 “preliminary” payments are based on the prior year’s tax. The balance of the total fiscal year tax must then be billed and collected with the last 2 quarterly payments, due February 1^st and May 1^st. Obviously, those second two “actual”payments will be more than the first two payments. And because the difference between the 2^nd quarter (November) and 3^rd quarter (February) is actually one half of the additional tax and not just one quarter, it gives the appearance of a greater increase.
   
   This cycle repeats itself annually with the first two payments of the calendar year higher than the last two payments.
2. Your property assessment may have gone up based on market values