Budget Definitions

Grand List - The list of all the properties in town and how much they are worth.

​

Revaluation Year - Every five years the town will revalue property.

​

Assessment Value - 70% of actual value

​

Mill Rate - The tax rate. A mill is equal to $1 of tax for each $1,000 of assessment.

​

General Government Budget - The part of the Town Budget separate from the Education Budget.

​

Town Budget - The budget for the whole town: General Gov’t plus Education budgets.

​

Referendum - A vote by ballot on a question (to pass the budget or to change a law).