The Town Council approved a 14.586 mill rate for fiscal year 2013-14, or $14.586 for every $1,000 of assessed property value, at its May 15 meeting.
The mill rate, which was recommended by the Board of Finance May 7, reflects a 3.62 percent increase over the 2012-13 fiscal year.
The council considered lowering the mill rate by increasing the expected percentage of taxes collected. Currently the town budgets for a tax collection rate of 98 percent. In the past several years however, the town has collected between 99.3 and 99.8 percent. The difference each year typically results in about $2 million with which the town makes a contribution back into the general fund, makes special appropriations, or buys down the mill rate for the upcoming year.
Budget Director Jennifer Charneski recommended the town keep the expected tax collection rate at 98 percent to be safe, and noted that last year it was increased from 97.5 percent.
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