For the first time in five years, the mill rate is heading down after residents approved a $97.6 million budget on May 14.

More than 2,200 voters of the town's 13,628 registered electors turned out to approve the 2024-'25 fiscal year budget at a referendum on May 14. The Board of Finance (BOF) met on May 15 to set the town's mill rate at 22, breaking a five-year trend of increasing rates. Since 2019-'20, the mill rate is up 5.71%. The new 22 mill rate, which will go into effect on July 1, represents a 26.6% drop from the current 29.97 mill rate. In real dollar terms, the current 29.97 rate means that a person with a home and lot assessed at $100,000 would pay $2,997 annually in property taxes. Under the new rate, that same valued property would now pay $2,200 annually in property taxes.

The rate reduction is attributed to an increase to the Grand List following the 2023 revaluation.

In addition to the newly set tax rate, the town will enter the 2024-'25 fiscal year with an approved town budget set at $33,974,100, an increase of $1,383,175, or 3.12%, over the 2023-'24 budget. Voters approved the recommended education budget of $63,645,156, an increase of $1,869,462, or 3.03% over the current budget. The overall spending package is $97,619,256, representing a $3,252,637, or 3.45%, increase from the 2023-'24 budget.

Voters approved both budgets in both of the town's districts. On the town side of the spending plan, 2,259 total ballots were cast, with 1,248 electors in favor of the proposal and 1,011 voting against it. The education budget received a total of 2,258 ballots, with 1,328 electors voting in favor of the plan and 930 against it. According to the town clerk's office, 2,157 voters turned out in person on May 14, and 108 votes were cast via absentee ballot. Turnout was more than double that of the 2023-'24 referendum, with 16.6% of registered voters casting ballots compared to the 8.9% in 2023.

The combined $97,619,256 budget and 22 mill tax rate will go into effect on July 1.