Sunday, March 18, 2007

Mill Rate!!

Why didn’t the Mayor’s proposed mill rate not drop as expected

The revaluation will be phased in over five years (to reduce the burden on residential taxpayers), so the full mil rate decrease that would normally result must also be divided by five. That is why there isn't a dramatic decrease in the mil rate with the phase-in, even if there were no budget increase.

The mayor's proposed budget is about 7% higher than last year.

Some of that increase replaces state and federal funds that Hartford and Washington cut, and some of it pays for debt service (we are in the peak years of paying off loans for the school renovation program), labor contractual increases, and the hiring of more police officers. The Board of Aldermen Finance Committee hears testimony about the mayor's proposed budget and then sets the final mil rate. The first Finance Committee budget hearing was on March 15, the next one will be March 22nd at 6:00p.m. at City Hall.

You can check out what you would pay under this proposed budget at look for the “Tax Calculator” and have your old and new assessment handy for you will have to enter them in to calculate the phase in.

Special Credit & Thanks to Ina Silverman - Ward 25 for her contributions to this post

No comments: