New Canaan Board Of Finance Approves Mill Rate Increase For Fiscal Year 2027

NEW CANAAN, CT — The Board of Finance recently approved a mill rate of 16.967 for fiscal year 2027, an increase of 0.276 compared to the fiscal year 2026 mill rate of 16.691, town officials announced.

According to a news release provided Thursday by the town of New Canaan, a mill rate of 16.967 means a tax payment of $16.97 for every $1,000 of assessed property value.

The amount to be raised from taxation for fiscal year 2027 will be $168.1 million, a 2.48 percent increase from the fiscal year 2026 amount of $164.0 million, according to the town.

Town officials noted setting the mill rate marks the final action of the fiscal year 2027 budget process following the Town Council's approval in April of the $184.5 million expenditure budget, an increase of 1.91 percent over the current fiscal year's budget of $181.0 million.

According to the town, the fiscal year 2027 budget takes into account the town assessor's reported 2025 grand list increase of 0.81 percent to $10.02 billion from the 2024 grand list of $9.94 billion.

This grand list, combined with a $5.8 million fund balance drawdown, resulted in the mill rate of 16.967, according to the town.

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

"I want to congratulate and thank Board Chairman Todd Lavieri and all the members of the Board of Finance for a fiscal year 2027 budget that resulted in a mill rate increase of 0.276 from the current fiscal year and an increase in the amount to be raised by taxation of 2.48 percent in the upcoming 2026-2027 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."

"By delivering a budget surplus of $6.5 million this year, we are able to return $5.8 million of that back to the taxpayers by reducing the amount raised by taxes, with the balance of the surplus going to our 'rainy day' general fund," Lavieri said in a news release. "The average increase in the amount raised by taxation over the past eight years, including next year's budget, is 2.3 percent, a very strong accomplishment by our town and boards over this period, especially with inflation running between 3-4 percent. Our average increase compares favorably with surrounding towns, especially this year as many towns are experiencing 4-6 percent tax increases or more compared with our 2.48 percent increase."

Lavieri also noted the town was "able to reduce operating expense requests by more than $2 million and capital requests by more than $6 million" during the budget process while meeting the needs of New Canaan's 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, our department leaders, town employees, our Board of Selectmen and our town's CFO and finance team for their hard work and guidance," Lavieri said.

More information is available here.