Let's Be Honest About the Greenwich Mill Rate
- 5 hours ago
- 2 min read
The books are now closed on the Greenwich budget and it doesn't look good for many residential and condo owners. On Monday, May 18, the Board of Estimate and Taxation (BET) finalized the mill rate at 10.125. Our local elected representatives have been crowing about their success in keeping the Greenwich mill rate at "the lowest level in the state of Connecticut." Don't be fooled.
Recent Budget Off the Rails
The new budget and capital spending requires a 5.4% increase in the tax levy—well above the rate of inflation and a sharp climb from recent years. Capital spending is now at an all-time high of almost $100 million, with over $1 billion looming in the backlog. See previous story here
Homeowners Pick Up Slack for Commercial Decline
In addition to historically high levels of spending, residents are picking up the slack from commercial assessments that have 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 28.37% increase, is carrying a heavier load.
The Hard Truth
As a result of high town spending and lagging commercial valuations, residential and condo owners in Greenwich will see a rise of 7.94% in their tax bill. If you live in District 1, expect to see a 15.25% increase. If you live in a condo in Greenwich, expect to see a 13.60% increase. When your tax bill arrives, you will not feel better being told that this is the "lowest mill rate in the State of CT." In fact, due to high property values, Greenwich residents pay among the highest property taxes per capita in the state.
The League of Women Voters is hosting an important session to address these changes on Wednesday, May 20, from 11-12:30 pm by Zoom with the Town Assessor Lauren Elliott and the Democratic Party Chairman of the BET, David Weisbrod.
Between the Lines: Will they tell us the hard reality at the meeting, or will we have to wait for the bad news to arrive in our tax bills on July 1?