PROSPECT — The Town Council this month set a tax rate of 30.95 mills for the 2019-20 fiscal year.
The tax rate is a decrease of 0.05 mills from the 2018-19 rate of 31 mills. A mill equals $1 in taxes for every $1,000 of assessed property value. Under a tax rate of 30.95 mills, a taxpayer with property assessed at $100,000 will pay $3,095 in taxes.
“We were able to cut a small amount, but it’s better than going up,” Mayor Robert Chatfield said.
The town’s 2018-19 municipal budget is nearly $9.1 million. Combined with the school budget for Region 16, which is comprised of Beacon Falls and Prospect, the total budget for the town is almost $33 million. Overall spending increased, but it was offset by increases in revenues.
The town’s 2018 net grand list increased by $10.96 million over the 2017 net grand list, which equated to more than $300,000 in additional tax revenue. The town is also selling three vehicles, including an old firetruck, and anticipates getting $200,000 in revenue from the sales, Chatfield said.
The town also used $166,665 from its unreserved fund balance as revenue in the budget, which Chatfield said hasn’t been done in years.
“Every penny counts, and we were able to cut the mill rate in a very difficult year,” Chatfield said.
