Some facts about the budget and revaluation

1) The amount of taxes needed is not dependent on the value of properties.
2) The higher the value of properties (grand list) the lower the mill rate.
3) The lower the value of properties (grand list) the HIGHER the mill rate.
4) The mill rate is a calculation of taxes needed divided by the grand list.

The new re-val will reduce the taxes on at least 40% of real estate, and on all motor vehicles and all business personal property.

If the re-val is delayed, real estate taxes, motor vehicle taxes and business personal property taxes ALL go up.

Check out this link on the town website.

If the mill rate is based on the 10/1/08 assessment the Board of Finance projects a tax rate of 13.2 mills; to fund an identical budget using the 10/1/07 assessment the rate would have to be 17.2 mills. This website shows all Old Saybrook real estate, and the last column shows how the taxes would vary based on the difference between the two assessments.

Check out your own property! If the right column is in (RED) your taxes will be lower under the new re-val!