Saugus to mail estimated tax bills

SAUGUS – Residents enjoying a reprieve from paying property taxes should get their checkbooks ready because estimated tax bills will soon be in the mail.Town Manager Andrew Bisignani said the Department of Revenue granted the town approval late Tuesday to send out estimated tax bills.”It gets one monkey off my back for at least a month,” Bisignani said.When Town Meeting met last month, it voted to fund the teachers’ contract, which was all that was standing between a balanced budget. The un-balanced budget prevented the town from setting a tax rate.Once the vote was taken, Bisignani said the official paperwork was sent to the DOR and, after a little debate and analysis, the DOR granted its approval.Bisignani said since the bill will be estimated it is due within 30 days of receipt, which is also why he hasn’t pushed to set an actual tax rate.If Selectmen voted to set an actual rate, the bill wouldn’t be due until the first of May. However, state law requires estimated bills to be paid much sooner.”I don’t know why, but it works in our favor,” Bisignani said.Despite the now certain cash inflow, Bisignani said the town would still need to borrow $7.8 million on the short term to take care of immediate needs.”We’re already into the second month of the third quarter,” he said. “It will be the end of the month before any revenue comes in and we have some substantial obligations as well as debt service that’s due, so we’ll have to borrow.”But because the rate will soon be set, Bisignani said it’s likely the money will be paid back sooner rather than later, which could save the town on interest rates.Once the estimated bills are in the mail, Bisignani said he would turn his attention to getting an actual rate set.”There’s no rush really because we can’t send another tax bill out until the fourth quarter,” he added.