NEW CANAAN, Conn. New Canaan residents will find out Tuesday how much theyll have to pay in property taxes next year.
The town's Board of Finance will meet at 7:30 p.m. Tuesday in Town Hall to approve the tax rate for the 2012-13 fiscal year. The current rate is 13.853 mills.
Since beginning the budget work, First Selectman Robert Mallozzi III said he wanted any tax increase to be less than 2.5 percent over the current years number. The Town Council approved a $125.5 million spending plan for next year with $116.8 million to be raised through taxes.
The increase could be offset by $3.6 million in grant funds that the council transferred back into the towns general fund. Much of that money was excess cost dollars the town received from state reimbursements for special education costs. School officials said the district should not have allowed the grant fund to grow so large.
The finance board will consider transferring $750,000 from the general fund to a contingency fund for the Board of Education to use against possible budget shortfalls.
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