First Selectman Matt Riiska Tuesday night gave the Board of Finance a first peek at a proposed $8 million-plus 2025-26 municipal budget. Because of a post-revaluation increase in property values and conservative spending, he predicted that the mill rate would drop to 22.5 from this year’s level of 28.4.
“But don’t get excited about that decrease,” he told members of the Board of Finance. Following the recent property revaluation, he is still trying to get a handle on the actual value of properties. Property values are said to have increased between 24 and 35 percent, “but 24 percent to 35 percent is a big range,” he said.
“If you paid taxes on a $250,000 home last year, your taxes would have been about $7,100 [at 28.4 mills],” he explained. “If your property value increased 24 percent, you would pay about $7,200 at 22.5 mills. But if it is 35 percent increase, you are going to pay a lot more.”
He said the October 1 Grand List totals $366,409,204, of which $331,129,480 is in real estate. There is about another $15 million for personal property and more than $19 million for motor vehicles. “Originally motor vehicles were $17 million,” Riiska said, “but last week the Governor signed a bill that allowed municipalities to change the way they assess motor vehicles.”
The new bill allows towns to use manufacturers’ retail prices for the vehicles rather than the National Automobile Dealers Association’s annual appraisal guide, which usually assigns lower values to vehicles.
Under the new system, if a car is a year old, 90 percent of its value is subject to tax. That goes down 5 percentage points every year until the car is 20 years old or older, when the tax bill is based on 15 percent of the car’s value or $500, whichever is greater.
Riiska said he is still refining budget figures, but that with decreased budget demands from Regional School #7 and Botelle School in the coming year, the total municipal budget should be “$8,250,000-ish.”
—Newsletter Editor