When Will the Mill Rate Be Set?
- Mar 31
- 2 min read
Updated: 6 days ago
At the March 26, 2026, Board of Finance meeting, someone asked whether the Mill Rate had already been set. BOF Chair Steve Geryk explained that it has not and how the process works. You can see that explanation in the video below, but for those of you who want a quicker overview, keep reading.
First, let's remind ourselves how the Mill Rate is calculated. You need two things to calculate this: A finalized Grand List and a finalized budget. You can then plug those numbers into the equation below, giving you the Mill Rate.
While the Town submits its Grand List to the state in January, the Board of Assessment Appeals has to hear and rule on any appeals before the list is final. Generally, you expect this process to be done in early Spring.
However, you won't have the other part of this equation, "The Grand Levy," until a budget is approved by the voters. (The Grand Levy is another name for the amount of money that needs to be raised through taxes to fund the budget.) Before that can happen, the Town and the Board of Education (BOE) must officially present their budget requests to the Board of Finance (BOF). The BOF can make recommendations or cuts before approving the budget for a referendum vote. This will likely happen immediately after the April 7, 2026, Public Budget Hearing.
After that, we will know what the "Grand Levy" needs to be, and it can be entered into the equation. Only at that point can the town calculate a Mill Rate to be proposed on the ballot.
But it is still not officially adopted until the budget is approved by voters. If the budget doesn't pass, the proposals go back to the drawing board, and the equation has to be solved all over again.
