The tax rate for fiscal year 2014 will be 14.586 mills, a 3.62 percent increase over fiscal year 2013, according to the town's budget director, Jennifer Charneski.

On Tuesday, May 7, the Board of Finance approved a contribution from the general fund balance of $2,185,000 for use in calculating the mill rate for fiscal year 2014.

Each mill represents one dollar of taxes for every $1,000 of assessed property value. A mill rate of 14.586 means that a home assessed at $1 million will pay $14,586 in property taxes.

The Town Council will consider the mill rate increase at its Wednesday, May 15, meeting.

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