New Canaan Board Of Finance Approves Mill Rate Decrease Of 14.76%

Information via the town of New Canaan

NEW CANAAN, CT — On Tuesday, the Board of Finance approved a mill rate of 16.144 for fiscal year 2025, a decrease of 14.76 percent compared to the fiscal year 2024 mill rate of 18.940, town officials said.

According to a news release provided by the town, a mill rate of 16.144 means a tax payment of $16.14 for every $1,000 of assessed property value. The amount to be raised from taxation for fiscal year 2025 will be $158.10. million, a 5.27 percent increase from the fiscal year 2024 amount of $150.18 million.

"I want to congratulate and thank Board Chairman Todd Lavieri and all the members of the Board of Finance for a fiscal year 2025 budget that resulted in a mill rate decrease of 14.76 percent from the current fiscal year and an increase in the amount to be raised by taxation of 5.27 percent in the upcoming 2024-2025 fiscal year," First Selectman Dionna Carlson said in a news release. "Many thanks to all who participated in the budget process and were committed to funding our departments to meet the needs of our community while being sensitive to the inflationary environment we face."

Setting the mill rate marks the final action of the fiscal year 2025 budget process following the Town Council's approval of the $174.93 million expenditure budget, an increase of 4.99 percent over the current fiscal year’s budget of $166.62 million, back in April, according to town officials.

The fiscal year 2025 budget takes into account the town assessor's reported 2023 Grand List increase of 23.53 percent to $9.90 billion from the 2022 Grand List of $8.01 billion. This Grand List, combined with a $5.0 million fund balance drawdown, resulted in the mill rate of 16.144, according to town officials.

Maintaining healthy reserves and a stable mill rate remain priorities of the Board of Finance, town officials said.

"By delivering a budget surplus of $3.9 million, we are able to return that back to the taxpayers to help lessen the amount raised by taxes," Lavieri said in a news release. "The mill rate decline will mean 1,900 properties in town will see a decrease in their property taxes on July 1, and many will see very modest increases. Properties that saw their values increase by more than 20 percent will see a property tax increase. Property taxes on vehicles will also decline. The average increase in the amount raised by taxation over seven years including next year’s budget is 2.1 percent, a very strong accomplishment by our town and boards over this period, especially with inflation headwinds recently. That average increase compares favorably with surrounding towns. During the budget process, we were able to cut expenses and cut capital requests, while meeting the needs of our schools, public safety, public works and many other town related services. I would like to thank our Board of Finance, our Town Council, our New Canaan school administration, our Board of Education and our Board of Selectmen for their hard work and guidance."