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Fairfield Citizen

Thursday, July 31, 2014

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Fairfield's new tax rate: How it affects you

Updated 6:54 am, Monday, May 12, 2014
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Here's a rundown of how the town's new property tax rate -- set at 24.4 mills last week by the Board of Finance -- will affect the tax bills of various properties. The tax rate, which takes effect July 1, rises 1.96 percent to fund a $285 million town budget for 2014-15.

- The owner of a property assessed at $250,000 will see a tax increase of $117.50, from $5,982.50 to $6,100.

- A property assessed at $500,000 would have a tax hike of $235, from $11,965 to $12,200.

- A property assessed at $750,000 would see a tax rise of $352.50, from $17,947.50 to $18,300.

- The owner of a property assessed at $1 million would have a tax increase of $470, from $23,930 to $24,400.

- A property assessed at $5 million would have a tax hike of $2,350, from $119,650 to $122,000.