2017-18 Mill Rate Set In New Canaan

NEW CANAAN, CT — Residents will be paying a mill rate of 16.669 mills for the coming fiscal year, an amount which represents a slight increase about the current allocation, reports New Canaan News.

Throughout Connecticut, a mill represents $1 for every $1,000 in assessed property value. Therefore the property tax on a New Canaan home that has been assessed at $2 million - which is different than a home's market value or what a person paid for the property - would be more than $33,300.

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Next year's mill rate, which was set by the Board of Finance Tuesday, is just over 2 percent above this year's rate. The town's operating budget for 2017-18 is set at about $148 million.

Click here to read the full story on the New Canaan News website.

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