Westport has a new mill rate. Michael Calise reports:
The rate for the 2021-22 tax year was set by the Board of Finance at 18.07 mills.
Each year a new mill rate is set, based on 2 major factors: our Grand List (the total assessed value of all taxable properties in Westport, which is finalized by our tax assessor) and our annual budget (finalized by the RTM).
The mill rate is the multiplier of our Grand List, which produces the net revenue required to run our town after all other revenue streams and anticipated shortfalls (such as an allowance for unanticipated expenses) are factored into the mix.
Since the 2015 reassessment, our annual Grand List increase due to new construction and property improvements, as well as strict budget controls, have allowed our mill rate to remain constant — in fact, actually reduced for the tax year we are currently in.
This year a third and unexpected factor came into play: the 2020 reassessment determined a greater than 5.4% reduction in our Grand List.
Our final annual budget, as approved by the RTM, was set at a 2.6% increase. When factored against the 2020 Grand List (as described above), this necessitated the new mill rate of 18.07 mills. It is up from the current 16.71 mill rate. Individual property taxes for the ensuing year will be calculated based on the new assessment.
2020-21 budget: $212,772,828
2021-22 budget: $218,479,214 (+2.6%)
2019 Grand List: $11,445,273,580
2020 Grand List: $10,830,370,714 (-5.4%)