What Will Farmington's Budget Cost You In Taxes? What You Need To Know

FARMINGTON, CT — Farmington taxpayers may want to brace themselves later this year when it comes time to pay their taxes.

They can definitely expect some sticker shock.

According to local officials, a recently completed revaluation has resulted in a 3 percent decline in the commercial tax burden, meaning a corresponding hike in the residential tax burden.

How big will that burden be?

According to the Town of Farmington, the proposed budget for 2023-24 is the same as current spending, but it will mean an a average increase of $648 this year in taxes for homeowners.

One year ago, prior to the revaluation, homeowners saw a jump of $117.29 in taxes, according to data released by Farmington officials.

Those financially scary statistics were unveiled by the town late last week as it offered up both budget, revaluation and tax information in a new page viewable on the town's website.

None of the budgets, nor the proposed tax impacts, are finalized and contingent on voter actions later in the spring.

As it stands now, the budget proposed by the Farmington Town Council for 2023-24 is the same combined town/school spending plan as 2022-23: $121.266 million.

The school budget stands at $75.94 million (2 percent larger) and the municipal budget is $34.04 million (1.97 percent larger).

In addition, debt service — or payments the town makes annually for bonded projects — is projected to be nearly $10 million, 7.07 percent larger.

A 74 percent reduction in capital improvement spending — one-time expenditures like maintenance projects and new equipment purchases — has contributed toward even spending overall.

Despite not having a dollar increase in proposed spending, taxes are poised to skyrocket due to a 20.54 percent increase in real estate tax values, according to the town.

And because of that, a proposed mill decrease of 5.11 mills to 24.21 mills still means a steep tax hike for some due to a steep hike in values, according to the town.

Those unsure what the budget means to their potential tax bills can visit the Town of Farmington's website for a simple tax calculator feature.

All that's required is the plugging in of a few numbers and folks can figure out what their tax bill will be should the budget pass as is.

Voters, however, can make a dent in those tax bills should they vote "no" on the town/school budgets and those budgets get reduced.

On Monday, April 3, Farmington's council will host a public hearing on the town's portion of the budget at 7 p.m. at Farmington Town Hall, 1 Monteith Drive.

On April 17, Farmington will host a special town budget meeting that will adjourn to a voter referendum at town polling places April 27.

To calculate your estimated property tax bill from the proposed budget, click on this link.

For the Town of Farmington's budget schedule, click on this link.

For the Town of Farmington's municipal/school budget plan, click on this link.

For comprehensive budget and tax information for 2023-24, click on this link.