Understanding the Greenwich CT mill rate is essential for navigating the local real estate market. For homeowners, potential buyers, and investors, knowing how property taxes are calculated can make a big difference when planning budgets and evaluating properties. Greenwich, with its unique neighborhoods and diverse real estate landscape, has a distinct tax structure worth learning about.
Let’s examine the mill rate, how it impacts you, and why it’s so important to understand it when buying or owning property in Greenwich.
What is a Mill Rate?
A mill rate is the tax rate used to calculate your property taxes. Specifically, it represents the amount of tax per $1,000 of assessed property value. In simple terms, the mill rate tells you how much you’ll owe in property taxes based on the value the town assigns to your home.
In Greenwich, the mill rate is set each year by the Board of Estimate and Taxation (BET), which carefully reviews the town's budget and spending needs before making decisions. For example, if the mill rate is 11, you’ll pay $11 in taxes for every $1,000 of assessed value on your property. A home assessed at $1 million would have a tax bill of $11,000.
In Greenwich, the mill rate is set each year by the Board of Estimate and Taxation (BET), which carefully reviews the town's budget and spending needs before making decisions. For example, if the mill rate is 11, you’ll pay $11 in taxes for every $1,000 of assessed value on your property. A home assessed at $1 million would have a tax bill of $11,000.
What Is Greenwich’s Mill Rate in 2025–26?
For the fiscal year starting July 1, 2025, Greenwich has set its new mill rate at 12.041, reflecting a 2.8% increase from the previous year’s rate of 11.712. Property owners will pay $12.041 in taxes for every $1,000 of assessed property value. For example, a home assessed at $2.1 million will owe approximately $25,286 in property taxes.
Despite the increase, Greenwich continues to maintain one of the lowest mill rates among large municipalities in Connecticut. In comparison, Stamford’s current mill rate is 27.17, Darien’s is 14.69, and Westport’s is 18.62. The new mill rate supports the town’s $516 million budget for the 2025–26 fiscal year, funding essential services such as police, fire, public schools, and public works.
Despite the increase, Greenwich continues to maintain one of the lowest mill rates among large municipalities in Connecticut. In comparison, Stamford’s current mill rate is 27.17, Darien’s is 14.69, and Westport’s is 18.62. The new mill rate supports the town’s $516 million budget for the 2025–26 fiscal year, funding essential services such as police, fire, public schools, and public works.
How the Mill Rate is Determined in Greenwich
In Greenwich, the mill rate is determined through a careful process involving town budgeting and community needs. Each year, the BET reviews projected revenues and expenses, including town services, infrastructure projects, and long-term commitments. The proposed mill rate is presented to the Representative Town Meeting (RTM) for approval. Once approved, the rate is applied to all taxable properties in town.
Greenwich stands out because it has one of the lowest mill rates in the state. The town’s strong financial management, healthy grand list (the total value of taxable properties), and conservative budgeting help keep the rate relatively low compared to other Connecticut towns. This low rate can be a draw for prospective buyers who want to minimize their annual tax burden while enjoying access to the town’s amenities and services.
Greenwich stands out because it has one of the lowest mill rates in the state. The town’s strong financial management, healthy grand list (the total value of taxable properties), and conservative budgeting help keep the rate relatively low compared to other Connecticut towns. This low rate can be a draw for prospective buyers who want to minimize their annual tax burden while enjoying access to the town’s amenities and services.
The Role of Property Assessments in Mill Rate Calculations
Every property in Greenwich is assessed at a specific value, which is determined by the town’s Assessor’s Office. The assessment is based on a percentage of the property’s market value, known as the assessment ratio. In Greenwich, the ratio is typically 70%, meaning your property’s assessment will be 70% of its fair market value.
For example, if your home is worth $2 million in the market, its assessed value would likely be $1.4 million. The mill rate is then applied to this estimated value to calculate property taxes. Understanding the relationship between assessed value and the mill rate is crucial for homeowners in Greenwich, especially if they’re considering a sale, a purchase, or a renovation that could affect property value.
For example, if your home is worth $2 million in the market, its assessed value would likely be $1.4 million. The mill rate is then applied to this estimated value to calculate property taxes. Understanding the relationship between assessed value and the mill rate is crucial for homeowners in Greenwich, especially if they’re considering a sale, a purchase, or a renovation that could affect property value.
The Impact of Revaluation on the Mill Rate
Greenwich, like all Connecticut towns, undergoes property revaluation every five years. This process ensures that assessed values reflect current market conditions. During a revaluation, property values across the city may rise or fall based on the latest real estate trends, which can directly affect individual tax bills.
However, a change in property assessments doesn’t always lead to higher taxes. If the total value of the town’s grand list increases after revaluation, the Greenwich CT mill rate may be adjusted downward to maintain the same overall tax revenue. This balancing act helps ensure property taxes stay fair and proportional to market values across the community.
However, a change in property assessments doesn’t always lead to higher taxes. If the total value of the town’s grand list increases after revaluation, the Greenwich CT mill rate may be adjusted downward to maintain the same overall tax revenue. This balancing act helps ensure property taxes stay fair and proportional to market values across the community.
How to Estimate Your Property Taxes in Greenwich
If you’re looking to estimate your property taxes in Greenwich, it’s a straightforward calculation. Multiply your property’s assessed value by the current mill rate, then divide by 1,000. For example, if your assessed value is $1.5 million and the mill rate is 11.5, your estimated taxes would be $17,250.
Keep in mind that the mill rate can change from year to year based on town budgets and revaluation outcomes. It’s wise to check the latest rate on the town’s official website or consult the Assessor’s Office for the most accurate information about your situation.
Keep in mind that the mill rate can change from year to year based on town budgets and revaluation outcomes. It’s wise to check the latest rate on the town’s official website or consult the Assessor’s Office for the most accurate information about your situation.
Why the Mill Rate Matters for Real Estate Buyers
For anyone thinking about buying property in Greenwich, understanding the Greenwich CT mill rate can help you make smarter decisions. A lower mill rate can mean lower annual tax payments, freeing up funds for home improvements or investments. Conversely, even with a low mill rate, high property values in Greenwich mean that buyers need to budget carefully for taxes.
Learning how the mill rate interacts with your property’s assessment gives you a clearer picture of the financial obligations of owning real estate in Greenwich. This knowledge can be the difference between a smooth buying experience and unexpected tax surprises down the road.
Learning how the mill rate interacts with your property’s assessment gives you a clearer picture of the financial obligations of owning real estate in Greenwich. This knowledge can be the difference between a smooth buying experience and unexpected tax surprises down the road.
Find Your Niche in Greenwich With the Tri-Star Team
Ready to explore Greenwich real estate? The Tri-Star Team at Corcoran Centric Realty, led by Ronald Nyman, combines unparalleled experience with deep local knowledge to deliver exceptional results. With 30 years in real estate — as an attorney, investor, property manager, and broker — Ron offers unique insights, ensuring every client receives personalized guidance and strategic advice.
Reach out to The Tri-Star Team at Corcoran Realty today and experience the difference that extensive expertise, personalized service, and dedicated attention make in achieving your real estate goals.
Reach out to The Tri-Star Team at Corcoran Realty today and experience the difference that extensive expertise, personalized service, and dedicated attention make in achieving your real estate goals.
