Property Tax Cut for Many Westporters Next Year

WESTPORT, CT - The town's mill rate is set to drop nearly 7 percent next year, which could be a tax cut for many Westport residents, following a Board of Finance approval Wednesday night.

The mill rate is set to fall from 18.09 mills to 16.86 mills, due to a rise in property values and a less than 1 percent increase in the town's budget to $204.5 million, reports the Westport News.

A mill represents $1 for every $1,000 of assessed property value. So property taxes on a home valued at $1 million (the assessment would be 70 percent of that value, or $700,000) would be $11,802, according to Westport Finance Director Gary Conrad.

That tax figure would be down more than $800 if the mill rate stayed the same.

Officials cautioned that depending on what the state government does in the near future to offset its budget deficit there is a chance that those numbers could be impacted.

Click here to read the full story on the Westport News website.