Itsmoney05

Itsmoney05 t1_jdnb0ux wrote

The mv mill rate is capped at 32 throughout CT. The lower property value towns choose to tax motor vehicles at that maximum rate.

Wealthier towns with a low real estate mill rate simply set the auto rate the same as their real estate resulting in a low mv tax bill.

Greenwich has an 11 mill rate. Their entire net taxable grandlist for the town is over 34 billion. The towns budget needs are roughly 400,000,000. Or roughly $6,500 per capita.

Meanwhile Bridgeport has a mill rate of 43.45. Their entire net taxable grandlist is 6.4 billion. Town budget is roughly 347,000,000. Or $2,300 per capita.

Tax payers in Greenwich are still paying much more in taxes per person, but their effective tax rate is lower because their property values are so high in relation to the towns budgetary needs. The IMPACT of the higher taxes however is much lower in Greenwich.

If you take the mill rate of a town divided by 70% you can quickly see their effective tax rate. Which shows that Greenwich is around 1.5% while bridgeports is around 3% depending on how you cut it.

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