Council sets mill rate

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PROSPECT — The town’s mill rate will go up slightly for 2015-16.

The Town Council set the 2015-16 mill rate at 29.23, which is an increase of 0.25 mills or 0.86 percent over the current mill rate. The mill rate was set at a meeting June 4.

The mill rate is the amount of taxes payable on the assessed value of property. One mill equals $1 for every $1,000 of assessed value. Under a 29.23 mill rate, a home assessed at $150,000 will pay $4,384.50 in taxes, an increase of $37.50 over current taxes.

The town’s total 2015-16 budget is $30.4 million budget. The municipal budget is $7.8 million. The town’s share of the school budget for Region 16, which oversees schools in Beacon Falls and Prospect, is $22.6 million.

Mayor Robert Chatfield said town’s Education Cost Sharing grant from the state went up by $19,000 this year.