July 2, 2022

Essex Finance Board Sets Tax Rate 0.49 Mills Up from the Current Rate

ESSEX— The board of finance has set the property tax rate for 2012-2013 at 18.47 mills, an increase of .49 mills from the current tax rate of 17.98 mills. The new rate represents $18.47 in tax for each $1,000 of assessed property value.

The board approved the new rate Thursday on a unanimous vote. The tax rate will pay for the total $22 million town/schools spending plan that was approved on a voice vote at the annual budget meeting Monday.

First Selectman Norman Needleman said in settling on the 18.47 mill rate, the board agreed to use about $50,000 from the town’s undesignated fund balance if necessary to cover expenditures. Needleman said the town anticipates additional revenue in the coming weeks, including final reimbursements from the Federal Emergency Management Agency from Tropical Storm Irene last August. He said the additional revenue is expected to cover all, or most, of any transfer from the fund balance. The fund balance currently contains about $2.4 million.

Last year, the tax rate jumped by .25 mills after a more contentious budget process that included a town meeting rejection of the initial proposed budget and approval of a revised and reduced budget in a June referendum. Last year, the finance board used $182,000 from the fund balance and anticipated revenue to set the tax rate at 17.98 mills.