During the town budget process the financial needs of the town are examined on a department-by-department basis. The Board of Selectmen and the Board of Finance arrive at a final budget (which is funded primarily by property taxes). This budget must then be approved by referendum. The Board of Finance then sets the Mill Rate, which is the dollar amount of tax due per $1,000 in assessed property in town.
For the Grand List year of 2017, the Mill Rate in Madison was 28.04. For example, if you owned a property with an appraised value of $450,000 your assessment would be $315,000. Pursuant to CGS 12-62a(b) “Each such municipality shall assess all property for purposes of the local property tax at a uniform rate of seventy per cent of present true and actual value…”. Your tax bill would be calculated as follows:
$450,000 x 0.70 = $315,000 x .02804 = $8,832.60
Appraised Assessed Mill Rate Tax Bill
For the Grand List year of 2016, the Mill Rate in Madison was 27.30. For example, if you owned a property with an appraised value of $450,000, your tax bill would be calculated as follow:
$450,000 x 0.70 = $315,000 x .02730 = $8,599.50
Appraised Assessed Mill Rate Tax Bill
The Mill Rate, for the Grand List of October 1, 2018, will be set in May 2019 after the fiscal year 2019-2020 Town Budget has been approved.