BET reduces mill rate increase in small savings to taxpayers
GREENWICH — The town’s Board of Estimate and Taxation has placed the final cap on the 2019-20 municipal budget by approving a 2.75 percent increase in the town’s mill rate.
Last week, the Representative Town Meeting approved a $444.1 million budget for the new fiscal year, leaving only the BET’s approval of the new mill rate to cap off the budget work in time for the new municipal budget to go into effect for July 1. The mill rate is the rate by which town property and vehicles are calculated off of their assessed values.
The BET did just that on Monday night but not before first reducing it slightly from the originally proposed 11.708 mills on the dollar to 11.682. The reduction was done along party lines with BET Democrats voting in favor of it and calling it a small benefit for town taxpayers as they calculated that it would mean about $810,000 less being taken in of total tax revenue. But BET Republicans voted against it, claiming that the cut was not good fiscal planning with uncertainty and potential big expenses perhaps looming in the future.