MERIDEN — The City Council on Tuesday night took the last step in finalizing the 2019-20 budget by setting next year’s tax rate.
The council voted 11-0 during a special meeting to set a tax rate of 40.86 mills, a .44 percent decrease over this year’s rate of 41.04. Residents in the inner-city tax district will pay rate of 43.04 mills because the city provides trash pickup to those residents.
The tax rates approved Tuesday are the same rates included in the 2019-20 operating budget adopted 12-0 by the City Council last week. The City Charter requires the council to formally vote to set a mill rate within 10 days of adopting a budget.
“We set the budget, and then we back into the mill rate necessary to balance out the revenues and the expenses … They’re simply mathematical calculations based on the budget we passed,” said City Councilor Brian Daniels, chair of the council’s Finance Committee.
Under the new tax rate, the owner of a home assessed at $122,000, the city’s median value, will pay about $20 less in property taxes next year. The owner of a motor vehicle assessed at the median value of $6,251 will pay $1.13 less per vehicle, said Finance Director Michael Lupkas.
One mill is equal to $1.00 of tax for each $1,000 of assessment. A property’s tax payment can be calculated by multiplying the property’s assessed value by the mill rate and then dividing by 1,000.
Read more articles like this and help support local journalism by subscribing to the Record Journal.
Unlimited Digital Access just 99¢
Read more articles like this by subscribing to the Record Journal.
Unlimited Digital Access for just 99¢