The Board of Finance will be presented with a $8,427,157 budget proposal for 2025-26 when it convenes next Tuesday. That includes $4,467,294 for educational spending at Botelle Elementary and Northwestern Regional School #7, as well as a $3,959,863 budget for town government.
If the Board of Finance chooses to apply $150,000 from the town’s surplus funds, the amount to be raised through taxes would be reduced to $8,277,157, an increase of $260,848 (3.15 percent) over current spending.
The Board of Selectmen reviewed the budget Wednesday night, making last-minute adjustments. First Selectman Matt Riiska stressed that these are preliminary figures and still face a review by the Board of Finance and a public hearing before being sent to a town meeting vote in May.
If approved as presented, the mill rate would be set at 22.59, down from 28.40 this year. The mill rate represents how much tax is levied on a property for every $1,000 of assessed value. If the mill rate is 30, for instance, $30 of property tax will be charged for every $1,000 of a property’s assessed value.
The mill rate is determined by calculating the number that, when combined with the Grand List and other sources of revenue, produces enough taxes to pay the town’s expenses. Thus, when the Grand List goes up, the mill rate usually goes down.
Norfolk’s Grand List totaled $366,458,625 on October 1, up $84,205,327 (29.83 percent) following the recent property revaluation.
For a list of past mill rates, going back to 1989/90, click here.