With the revaluation of real estate in Woodbridge, many residents want to know what their tax bill will be in the next fiscal year that begins July 1. Property tax bills will not automatically increase by the same percentage that your home's assessment increased. Instead, with the substantial increase in real estate assessments, the mill rate will drop. The mill rate multiplied by the assessed value of a taxpayer's home and vehicle(s) equals the total property tax bill.
The Board of Finance sets the mill rate once the Town budget is approved. Many of you have shared with me your concern about increasing taxes - please know that I will urge my fellow Selectmen and the Board of Finance to pare down the Town budget (and associated mill rate) as much as possible.