Milford Board Of Finance Approves Budget, Mill Rate

Milford CT

21 March, 2022

11:28 AM

Description

MILFORD, CT — The city Board of Finance approved a total budget of $242 million and a 0.47 mill rate decrease to 27.18 mills at its March 16 meeting. The Board of Aldermen have to vote on the budget and mill rate before it's finalized. This year's budget process was unique due to property revaluation that happened near the height of the real estate market last year, Mayor Ben Blake said at the meeting. "For everyone this year, there's going to be, depending on what your reval was, either an increase or a decrease, or potentially a flat line in your taxes next year," Blake said at the meeting. Tax assessments are based on 70 percent of the fair market value of a property. Milford's effective revaluation date was Oct. 1, 2021. Milford's mill rate has dropped slightly each year, starting with 2015. The city's grand list soared by $1.14 billion, or roughly 17 percent, largely due to the property revaluation. Used motor vehicle values have also increased, which added to the grand list. The city also had another strong year of grand list growth due to construction. "We continue to have growth in the City of Milford, we've had over $100 million, again, in new construction," Blake said. Health insurance costs were the largest driver for increased budget costs, Blake said. City officials are exploring ways to bring down health insurance costs over the next two months before the Board of Aldermen approve the final budget.