During the town budget process, the financial needs of the town are examined on a department-by-department basis. The Board of Selectmen and the Board of Finance arrive at a final budget (which is funded primarily by property taxes). This budget must then be approved by referendum. The Board of Finance then sets the Mill Rate, which is the dollar amount of tax due per $1,000 for assessed property in town.
Pursuant to C.G.S. 12-62a(b) “Each such municipality shall assess all property for purposes of the local property tax at a uniform rate of seventy per cent of present true and actual value…”. Your tax bills would be calculated as follows:
Please see examples of tax bill calculations below:
For the Grand List year of 2021, the Mill Rate in Madison was 29.41.
$450,000 x 0.70 = $315,000 x .02941 = $9,264.15
Appraised Assessed Mill Rate Tax Bill
For the Grand List year of 2020, the Mill Rate in Madison was 28.85.
$450,000 x 0.70 = $315,000 x .02885 = $9,087.75
Appraised Assessed Mill Rate Tax Bill
The Mill Rate, for the Grand List of October 1, 2023, will be set in May 2024 after the fiscal year 2024-2025 Town Budget has been approved.