Wallingford Mayor William Dickinson signed the town’s new budget into effect yesterday, the last day he had the authority to veto it. The new budget of $140,379,896 takes effect with the beginning of the new fiscal year on July 1st.
The new budget reflects a 0.43 percent increase from the current budget of $139,773,516 and includes a property tax hike of 1.3 percent. This means that the town’s mill rate will increase from 22.90 to 23.20. A mill equals $1 of tax for each $1000 of assessed property value. As an example, a homeowner with a home assessed at $250,000 would pay $5,725 in taxes at the current mill rate. When the rate goes up, that same homeowner will pay $5,800 in taxes, a difference of $75.
While an increase in the mill rate clearly was not the most preferred outcome, the damage could surely have been much worse. Kudos to Mayor Dickinson and the entire Town Council for keeping the bleeding to a minimum.
