Interest on tax deferrals may be tied to borrowing

Next year’s interest rates charged as part of the Elderly or Disabled Citizens Property Tax Relief program by the town of Wilton may reflect the interest rate of the town’s most recent borrowing, 2.77%
At the Board of Selectmen’s next meeting, on Monday, March 16, it will discuss a recommendation that the deferral interest rate be tied to a factor such as the town’s most recent borrowing rate.
Currently, the board decides on a yearly basis whether it will change the interest rate. This year, the selectmen will consider reflecting interest rates at which the town borrows money on the bond market.
For instance, the town was able to borrow at a 2.77% rate on March 10. If the board decides to reflect that, the interest rate on property tax deferrals would be 2.77% for next year.
Editor’s note: A previous version of this story mistakenly stated that retired town workers on pension would have a cost-of-living adjustment tied to interest rates beginning next fiscal year. This was incorrect. ‘The Bulletin’ regrets the error.