What is a Mill Rate?

In Connecticut, property tax rates are expressed in mills, or thousandths of a dollar. The current mill rate in the Town of Old Saybrook is 20.08 for the 10/01/2021 Grand List (.02008 rate when expressed in decimal form) which results in the payment of $20.08 for each $1,000 of a taxable property’s assessed value.

For example, if a house is assessed at $300,000, to determine what the taxes would be take $300,000 and multiply the figure by .02008 and the taxes come out to be $6,024 for the year.

Equation: House assessment X Mill Rate = Taxes for the Year
                         (300,000)             (.02008)               (6,024)

*  The Assessed value is 70% of the Appraised (market) value.