PROSPECT — The Town Council last week set the mill rate for the 2016-17 fiscal year at 29.91 mills.
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.
The 29.91 mill rate is an increase of 0.68 mills over the current tax rate. Under a 29.91 mill rate, a home assessed at $150,000 will pay $4,486.50 in taxes, an increase of $102 over current taxes.
The town’s total 2016-17 budget is $31.2 million.
The municipal budget is $8.27 million, which is an increase of $474,395, or about 6 percent, over the current budget.
The town’s share of the school budget for Region 16, which oversees schools in Beacon Falls and Prospect, is $22.9 million. The town’s net education cost, which is the portion paid through local taxes, is $17.78 million, an increase of $556,800.
The increases in spending were partially offset by increases in revenue, including a 1.42 percent increase in the grand list, which equates to an extra $342,000 in tax revenue under the current mill rate.
Mayor Robert Chatfield urged taxpayers to review their motor vehicle tax bills carefully due to problems at the state Department of Motor Vehicles that have led to errors on motor vehicle tax bills.
Anyone who receives a tax bill from a town they did not reside in or garage their vehicle in as of Oct. 1, 2015 should contact the tax assessor of that town to request a transfer to the correct town.
Anyone who doesn’t receive a tax bill for each vehicle they had registered at Oct. 1, 2015 should contact the tax assessor in their town. Non-receipt of a tax bill doesn’t invalidate the tax nor eliminate the interest that must be charged for a late payment.