How is the tax (mill) rate established?

The Grand Levy is the amount of revenue in the Annual Town Budget, which must be raised by the property tax. The balance required is received from fees, state assistance and miscellaneous revenue. The Grand List is a listing of all taxable properties located within the Town on October 1, of the Grand list year. The property tax rate is expressed in mills or thousandths of a dollar. A tax rate (mill rate) of 26.69 mills is equivalent to $26.69 of taxes per $1,000 of assessed value. The tax rate is determined by dividing the Grand Levy by the Grand List.