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Board of Finance Approves a Mill Rate

 

BOARD OF FINANCE APPROVES A MILL RATE DECREASE OF 14.76% FOR FISCAL YEAR 2025; LIMITS INCREASE IN AMOUNT TO BE RAISED BY TAXATION TO 5.27%

The Board of Finance on June 11, 2024 approved a mill rate of 16.144 for fiscal year 2025, a decrease of 14.76% compared to the fiscal year 2024 mill rate of 18.940. A mill rate of 16.144 means a tax payment of $16.14 for every $1,000 of assessed property value. The amount to be raised from taxation for fiscal year 2025 will be $158.10. million, a 5.27% increase from the fiscal year 2024 amount of $150.18 million.

Setting the mill rate marks the final action of the fiscal year 2025 Budget process following the April 2 Town Council approval of the $174.93 million expenditure budget, an increase of 4.99% over the current fiscal year’s budget of $166.62 million. 

The fiscal year 2025 Budget takes into account the Town Assessor’s reported 2023 Grand List increase of 23.53% to $9.90 billion from the 2022 Grand List of $8.01 billion. This Grand List combined with a $5.0 million fund balance drawdown resulted in the mill rate of 16.144. Maintaining healthy reserves and a stable mill rate remain priorities of the Board of Finance. 

First Selectman Dionna Carlson said: “I want to congratulate and thank Board Chairman Todd Lavieri and all the members of the Board of Finance for a fiscal year 2025 Budget that resulted in a mill rate decrease of 14.76% from the current fiscal year and an increase in the amount to be raised by taxation of 5.27% in the upcoming 2024-2025 fiscal year.  Many thanks to all who participated in the budget process and were committed to funding our departments to meet the needs of our community while being sensitive to the inflationary environment we face.”

Lavieri commented, "By delivering a budget surplus of $3.9 million, we are able to return that back to the taxpayers to help lessen the amount raised by taxes.  The mill rate decline will mean 1,900 properties in town will see a decrease in their property taxes on July 1st, and many will see very modest increases.  Properties that saw their values increase by more than 20% will see a property tax increase.  Property taxes on vehicles will also decline.  The average increase in the amount raised by taxation over 7 years including next year’s budget is 2.1%, a very strong accomplishment by our Town and boards over this period, especially with inflation headwinds recently.  That average increase compares favorably with surrounding towns.  During the budget process, we were able to cut expenses and cut capital requests, while meeting the needs of our schools, public safety, public works, and many other town related services.  I would like to thank our Board of Finance, our Town Council, our New Canaan school administration, our Board of Education, and our Board of Selectmen for their hard work and guidance," Lavieri concluded.

For further information, contact:  Joshua Kaufman, Budget Manager, 203-594-3026.