Budget Public Hearing This Tuesday, May 27, 2014

Posted by Bob on May 23, 2014 under Daily Blogs | Be the First to Comment

The Joint Boards of Finance and Mayor and Burgesses (“Joint Boards”) will host the annual public hearing on the Borough’s proposed 2014-2015 budget on Tuesday, May 27, 2014, 6:30 PM, in the auditorium of City Hill Middle School (441 City Hill Street, Naugatuck, CT 06770).  A brief summary of the proposed budget will be presented at the beginning of the hearing, followed by an opportunity for taxpayers to comment on the proposed budget by department.  The proposed budget can be viewed here in both Microsoft Excel or .pdf format.

The Joint Boards will reconvene on Thursday, May 29, 2014, at Town Hall (229 Church Street, Naugatuck, CT 06770) to review the comments from the public hearing and formally adopt the 2014-2015 budget, which is subject to the Borough’s budget referendum process.  The current proposed budget translates into an increase in the mill rate of .61 of a mill over the current mill rate of 44.8 mills.  One of the biggest challenges of this year’s budget process has been to address the increases in health care costs on both the municipal and board of education budgets.  While required increases related to sewage treatment have also increased significantly, such costs are offset in the current proposed budget by the inclusion of surplus revenue from the Borough’s fund balance.  Efforts continue to find additional ways to reduce spending and/or analyze revenues for responsible increases.

To calculate real estate property taxes multiply the 2012 assessed value of the property (the column labeled new in the embedded link) by .0____ of the mill rate.  (Example 150,000.00 assessed home multiplied by .0448 current mill rate equals an annual tax of $6,720.00).  A mill represents one dollar for every thousand dollars of taxable property.  For those with Microsoft Excel or an equivalent program, a Real Estate Tax Calculator and a Motor Vehicle Tax Calculator can be accessed herein.

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