Board of Finance approves a 1.6 percent tax rate increase

The Board of Finance Tuesday night unanimously approved a new mill rate of 14.101 for the 2012-2013 fiscal year.

That means residents will pay 1.61 percent more in taxes than last year when the mill rate was 13.853, one of the lowest increases in recent memory according to First Selectman Rob Mallozzi and several BOF members. Last year's increase was 1.975 percent, approximately .365 percent more than this year's increase.

"We set a mill rate of 14.101, therefore allowing for the lowest percent increase in the tax rate to the citizens of this town," Mallozzi said.

The mill rate is what residents pay for every $1,000 worth of property value they own.

So in this case, for every $1,000 of property a resident owns, he or she must pay $14.101.

Last year, the BOF transferred $2.6 million from the general fund to result in a 1.975 percent increase.

The board said it felt this year's amount should be slightly more than last year to show a commitment to the taxpayers.

As a result, The BOF agreed to allocate about $2.7 million from the town's fund balance this year.

Board member Bob Spangler said the key to the decision was handling the balancing act.

"We need to be mindful that this is the taxpayers' money, and we should give something back," Spangler said. "We're also mindful that we have capital expenses and we are trying to level off that sort of peak."

Mallozzi thanked every town official involved in the budget season for a job well done.

"I want to thank my colleagues on the Board of Finance, Board of Selectman and members of the Town Council and Board of Education for all the time and effort you put into this outcome," Mallozzi said.

"It is collectively our money, and I believe we are continuing on the path of the most responsible allocation of that most precious resource."

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