What is a Mill Rate?

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 20.46 for the 10/01/2022 Grand List (.02046 rate when expressed in decimal form) which results in the payment of $20.46 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 .02046 and the taxes come out to be $6,138 for the year.

Equation: House assessment X Mill Rate = Taxes for the Year
                         ($300,000)             (.02046)               ($6,138)

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