Each year, within 5 days after adoption of the annual budget, the Board of Finance must set a tax rate which will yield enough money to pay for all the town's operating expenses, plus that portion of its capital needs to be met from direct taxation, as well as its current debt service. A mill rate of one mill means that taxpayers are taxed at a rate of $1 on every $1,000 of assessed taxable property. For example, a 22.28 mill rate means that a person with a house and lot assessed at $100,000 will pay $2,228 annually in real property taxes; another assessed at $500,000 will pay $11,140 annually.
The current mill rate for the town is 26.49, which will take effect July 1, 2016. Personal property and motor vehicle taxes are computed in the same manner.