What Is a Mill Rate in Connecticut — And Why Does It Matter?

A mill rate is the number used to calculate annual property taxes in Connecticut. One mill equals $1 of tax per $1,000 of a property's assessed value. Mill rates vary dramatically by town — and understanding them before you choose a town can change the financial calculus of the entire decision. ## How the Calculation Works Connecticut assesses property at 70% of fair market value. To calculate your annual property tax: **Step 1:** Multiply the purchase price by 0.70 to get the assessed value. **Step 2:** Divide the assessed value by 1,000. **Step 3:** Multiply by the town's mill rate. Example: A $1,400,000 home in Westport (mill rate 18.17): $1,400,000 × 0.70 = $980,000 assessed value $980,000 ÷ 1,000 × 18.17 = **$17,806 per year in property taxes** ## Current Mill Rates by Town (2025-2026) These are the current mill rates for the primary CLH markets: - **Greenwich:** 11.25 — lowest in Fairfield County - **Darien:** 14.69 - **New Canaan:** 16.17 - **Westport:** 18.17 - **Wilton:** 27.35 - **Ridgefield:** 28.60 — highest among primary CLH markets - **Weston:** 32.87 ## The Counterintuitive Pattern The most expensive Connecticut towns often have the lowest mill rates. Greenwich, with the highest median home prices in Fairfield County, has the lowest mill rate. Ridgefield, with more moderate prices, has a rate nearly three times Greenwich's. The practical implication: the asking price is not the whole story. A $900,000 home in Ridgefield generates approximately $17,900 in annual property taxes. A $1,400,000 home in Greenwich generates approximately $11,025. Understanding the full carrying cost before you fall in love with a price point is essential.

Sean Jackson

Connecticut Lifestyle & Homes · Licensed REALTOR® · Keller Williams Realty Partners