2018-19 New Canaan Property Taxes Slated To Rise: Report

NEW CANAAN, CT — Next year's mill rate in New Canaan will be 16.96 mills, which will mean a property tax increase of 1.74 percent, reports the New Canaan Advertiser. The mill rate recently was set by the Board of Finance.

One mill represents $1 for every $1,000 in assessed property value, so 16.96 mills equals $16.96 for every $1,000 in assessed value.

For example, if your home is assessed at $1,000,000 (which would represent 70 percent of its market value), your property taxes would be about $16,960.

To keep the increase below 2 percent, the Board of Finance decided to dip into the town's unassigned reserves fund to the tune of about $2.5 million.

New Canaan's total budget expenditure next year, combined costs of town services and the school district, was approved at $150.94 million. To view the entire 2018-19 budget document, click here.

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

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