Mill Rate Increase Approved By New Canaan Board Of Finance

Information via the town of New Canaan

NEW CANAAN, CT — On Tuesday, the Board of Finance approved a mill rate of 18.940 for the 2024 fiscal year, an increase of 3.09 percent over the 2023 fiscal year mill rate of 18.372, according to town officials.

According to a news release provided by the town, a mill rate of 18.940 means a tax payment of $18.94 for every $1,000 of assessed property value. The amount to be raised from taxation for fiscal year 2024 will be $150.18. million, a 4.12% increase from the fiscal year 2023 amount of $144.23 million.

Setting the mill rate marks the final action of the budget process for fiscal year 2024 following the Town Council's approval of the $166.62 million expenditure budget, an increase of 3.12 percent over the current fiscal year's budget of $161.58 million, on April 5, town officials said.

The fiscal year 2024 budget takes into account the town assessor's reported 2022 Grand List increase of 1.02 percent to $8.01 billion from the 2021 Grand List of $7.93 billion. This Grand List, combined with a $6.0 million fund balance draw down, resulted in the mill rate of 18.940, town officials said.

"I want to congratulate and thank Board Chairman Todd Lavieri and all the members of the Board of Finance," First Selectman Kevin Moynihan said in a news release, "for an outstanding fiscal year 2024 budget that kept the mill rate increase to 3.09 percent from the current fiscal year and the increase in the amount to be raised by taxation to 4.12 percent in the upcoming fiscal year. I want to thank all the departments for their thoughtful approach to covering the needs of their departments and our residents and building a budget that keeps our tax mill rate increase low in these inflationary economic times."

Town officials also noted maintaining healthy reserves and a stable mill rate remain priorities of the Board of Finance.

"By delivering revenue surpluses and coming in under budget on expenses each year for the past four years, we were able to keep the amount raised by taxation nearly flat during that period, an unprecedented accomplishment by our town and boards," Lavieri said in a news release. "However, a forecasted decline in non-tax revenues next year and inflationary cost increases of approximately 3 percent are causing us to raise the tax rate to meet the needs of New Canaan.

Lavieri also thanked the Board of Finance, Town Council, New Canaan school administrators the Board of Education and the Board of Selectmen for their hard work and guidance.