The Town of Glastonbury works on a Fiscal Year basis that runs from July 1 to June 30. The Mill Rate is set by the Board of Finance, usually between March 15 and April 15 for the coming year, however, per Town Charter no later than May 29. As required by State of Connecticut Statutes, every five years the Grand List of taxable property is revalued to current market values. The years that Re-valuations have been performed in Glastonbury are mentioned in the Comments Section below. For more information on how the taxes for the Town of Glastonbury are derived click here.
|Fiscal Year||Grand list year||Mill Rate||Comments|
|2016-2017||2015||36.40 & 34.60|
|2017-2018||2016||37.45 & 32.00|
Relating Mill Rate to a Tax Bill
Tax bills are generated as of July 1, the first day of the fiscal year based on the preceding October 1 Grand List of assessed property values which represents approximately 70% of market value. Real Estate and personal property tax bills are due in two installments, July 1 and January 1. Motor Vehicle tax bills are due July 1.
Distribution of Taxes
The Town of Glastonbury Collects Taxes for both the Town Of Glastonbury and the Glastonbury Public Schools. The table below reflects how the taxes are put to use for the current fiscal year:
|Government Entity||& of Taxes Received|
Mill Rate Setting Process
The Board of Finance sets the Mill Rate for the Town every year. The mill rate is usually set in late March after the budget is finalized by the Town Council, however, per Town Charter, no later than May 29. The Mill Rate is based on the Town Council approved budget, estimated non tax revenues and the grand list. It is calculated based on the following formula:
Mill Rate = Current Tax Levy divided by Net Taxable Grand List
EXAMPLE: Tax Levy $ 115,000,000
Net Taxable Grand List $4,000,000,000
Mill Rate .02875
The mill rate is most commonly expressed as tax dollars per $1,000 of assessed value or in this example 28.75 mills (.02875 * 1,000).
The TAX LEVY is the annual budget approved by the Town Council less other non-tax revenues. Examples of Non Tax revenues include state grants, user fees, and investment income.
The NET TAXABLE GRAND LIST is the total assessed value of all taxable property (real estate, motor vehicles, and business personal property) as determined by the Town's Assessor. The Net Taxable Grand List equals the Total Gross Grand List less allowable exemptions.
The Mill Rate Calculation as stated above is a simplified version of the actual calculation. Other factors which influence the mill rate calculation include the Tax Collection Rate (which estimates uncollectible tax revenues), abatements and tax credit adjustments.