Get Ready to Hit the Roof When You See Your Greenwich Property Tax Bill
- 2 days ago
- 3 min read
The Greenwich Board of Estimate and Taxation (BET) met on Tuesday, March 31, to finalize the 2026-2027 budget. The result? A $543 million spending plan that covers everything from school operations and healthcare to an unprecedented list of capital projects. While the headline focuses on total spending, the real story for homeowners is buried in the "tax levy"—the actual amount the town needs to collect from you.
The Capital Wish List
The Town is moving forward this year with a staggering $100 million in capital projects. This includes critical work at Central Middle School, Riverside School, and Old Greenwich School (where "unanticipated costs" of $8.1 million were recently approved by the BET in February 2026). Funds were also advanced to continue progress on the Hamill Rink project, the Holly Hill redesign, and Roger Sherman Baldwin Park. Add to that grand plans for a high school natatorium, tennis courts, and a second exit/entrance, and we are now staring at a $1.6 billion backlog in capital needs (or "wants," depending on whom you ask).
The Tax Levy: A Jump From Past Practice
Historically, Greenwich has maintained tax levy increases between 2% and 3%. However, under the new Democratic-controlled BET, the traditional "what can the taxpayer absorb" discipline has been replaced by a wish list, leaving the tax levy to fall on the taxpayer where it may. To account for the large capital spending, the new budget requires a 5.4% increase in the tax levy—well above the rate of inflation and a sharp climb from recent years:
FY 2022/23: 2.40%
FY 2023/24: 0.00%
FY 2024/25: 2.80%
FY 2025/26: 4.02%
FY 2026/27: 5.40%
Residents Pick Up the Tab for Commercial Decline
The real "sting" lies in the 2025 revaluation. Residential property values surged by 29%, while commercial values lagged due to high vacancies. This has caused a massive tax shift: homeowners aren't just paying for the budget increase; they are subsidizing a shrinking commercial tax base. While the overall taxable Grand List increased by 25%, the residential sector, with its 29% increase, is carrying a heavier load.
The Mill Rate "Optical Illusion"
In a statement from BET Chair David Weisbrod, it was announced that through a "collaborative process," the mill rate would be set at 10.124. The headline? Greenwich maintains the lowest property tax rate in Connecticut.
The Rest of the Story
The new mill rate of 10.124 looks "low" compared to last year's 12.041. However, do not let the lower rate mask the real cost. When you apply that 10.124 rate, (a drop of 16%) to a residential assessment that just jumped 29%, the "discount" doesn't keep pace with the valuation spike.
For the average homeowner, the math works out to a net result of an out-of-pocket tax hike of roughly 8.5%. The mill rate may go down, but the check you write goes way up.
The Bottom Line
With budgeted spending outpacing inflation, a tax shift from commercial to residential, and sky-high new assessments, you will want to be sitting down when you open your tax bill this July. The only potential relief is the upcoming expiration of the federal SALT tax cap, which couldn't come at a better time for Greenwich residents facing this local spending spree.
Between the Lines: As the BET members congratulated each other on their "collaboration" during the meeting, remember the old Wall Street adage: If everyone at the table is happy, someone is getting fleeced—and it’s probably you.