How are my taxes determined?

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 percent 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 2022, the Mill Rate in Madison was 29.97. 

$450,000    x    0.70     = $315,000    x    .02997    =    $9,440.55
 Appraised                     Assessed            Mill Rate           Tax Bill

 

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

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.

Show All Answers

1. What is a Revaluation?
2. What is a Grand List?
3. How is my assessment determined?
4. When will I find out what my new assessment is?
5. What factors affect value?
6. How will I know if my assessment is equitable?
7. What if I don’t agree with my new assessment?
8. What information do I bring to the Informal Hearing?
9. What if I still don’t agree with the decision from the Informal Hearing?
10. Who makes up the Board of Assessment Appeals?
11. What can the BAA do?
12. What if I still don’t agree with the decision from my Formal Appeal to the Board of Assessment Appeals?
13. What about the elderly and other hardship cases?
14. When will the new assessments be effective?
15. How are my taxes determined?