What is a Mill Rate?

In Connecticut, property tax rates are expressed in mills, or thousandths of a dollar. The Town of Newtown current mill rate is 34.67 for the 10/1/21 Grand List (.03467 rate when expressed in decimal form) which results in the payment of $34.67 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 .03467 and the taxes come out to be $10,401 for the year.

Equation:   House assessment   X   Mill Rate  =  Taxes for the Year