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Selectmen approve interest rate for tax relief program


WILTON -- On Monday night, the Wilton Board of Selectmen unanimously approved a 3 percent interest rate for the town's amended elderly and disabled tax relief program.

According to First Selectman Bill Brennan, the interest rate -- the rate at which eligible program participants would pay back deferred taxes -- is not allowed to exceed 5 percent.

Board of Selectman member Richard Creeth said a 3 percent interest rate is a good number for the tax relief program.

"I think that a 5 percent interest rate is too high," said Creeth. "I feel that 2 to 3 percent is a good range to keep."

According to Brennan, the option to change the interest rate will be available in one year.

"We can always change the interest rate next year if 3 percent isn't working," said Brennan. "I am very comfortable with 3 percent, it's a good number."

-- Kara O'Connor

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