PROSPECT — The Town Council on Tuesday approved a tax rate of 31 mills for the 2018-19 fiscal year.
The tax rate is a decrease of 0.25 mills from the current rate of 31.25 mills. A mill is $1 in taxes for every $1,000 of assessed property value. Under a tax rate of 31 mills, a property assessed at $100,000 will pay $3,100 in taxes.
The town’s 2018-19 municipal budget is nearly $8.64 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 $32.3 million for 2018-19.
The town is expected to receive nearly $6.2 million in revenues other than local taxes. Local taxes collected pay for the rest of the budget. A mill equals $853,318 in Prospect.