Finance board will set mill rate April 6
Wilton’s Board of Finance will meet to set the mill rate for fiscal year 2017 on Wednesday, April 6, at 7:30 p.m., in Room B of town hall. If further deliberations are required, they will take place Thursday, April 7, also at 7:30 in Room B.
A meeting originally scheduled for Tuesday, April 5, has been canceled.
The finance board also has a capital budget meeting with the Board of Selectmen planned for the evening of April 7, which will begin after any further mill rate discussion.
The public is welcome at both meetings.
To view the agenda for the mill rate meeting, click here.
To view the agenda for the capital budget meeting, click here.
The mill rate is essentially the tax rate paid through property taxes. The current mill rate is 26.83.
The mill rate is figured based on the amount of revenue needed to be raised to support the municipal and education budgets. The board of finance will take the grand list adjusted for uncollected taxes and divide by $1,000. It will then divide this number into the amount of money needed to be raised from taxes.
The new mill rate is then the tax rate per $1,000 of a property’s assessed value, which is 70% of market value.
The current mill rate represents a 1.196% increase over the previous year.