Fairfield's 2023-24 Mill Rate To Rise By Less Than 1 Percent

FAIRFIELD, CT — Fairfield's mill rate, also considered the property tax rate, will rise by just under 1 percent for the fiscal year 2023-24, following unanimous approval by the Board of Finance Thursday night.

As a result, the mill rate will be 27.51 mills, up from the current rate of 27.24 mills. The projected tax collection rate is 98.93 percent, and the unassigned fund balance will be a shade under $41.7 million.

On Monday, the Representative Town Meeting unanimously approved the town budget at $356.8 million, which carries an increase of about $11.7 million over the current fiscal year's allocation.

Over the past 10 years, Fairfield's mill rate has risen every year, except in 2020 when the pandemic hit. That year, the mill rate remained the same as in 2019 at 26.79 mills.

The mill rate represents $1 for every $1,000 in assessed property value, or for 2023-24, $27.51 for every $1,000 in assessed property value.

"In Connecticut, property tax rates are expressed in Mills, or thousandths of a dollar," Fairfield officials wrote in a description of the mill rate. "Property tax rates are applied to the assessed value of a property. Assessed values are seventy percent of appraised values."

So, if a home in Fairfield is assessed at $300,000, for example, that homeowner's property tax burden would be $8,253.

If $200,000 in assessed value is added to a home, bringing the assessed value to $500,000, at 27.51 mills the property tax would jump to $13,755.