Politics & Government
Board of Finance Approves Increase to 25.59 Mills
So what does the increase mean for your wallet?
On May 20, the Branford Board of Finance completed the 2013-14 budget process by approving the annual mill rate at 25.59 mills, up from the 2012-13 mill rate of 24.95.
So what does the increase mean for you and your wallet?
The current mill rate is 24.27 (a tax rate of .02427). An example of how to compute your taxes from the current mill rate: If the full (100%) value of your home is $200,000, the assessed value at 70% is $140,000 (200,000 x .70 = 140,000). If the mill rate is 24.27, your annual taxes are $3,397.80 (140,000 x .02427 = $3,397.80).
With the new mill rate of 25.59 on the same property, your annual taxes would be $3,582.60 (140,000 x .02559 = $3,582.60) – an increase of 184.80 per year.
How do you feel about the increase?
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