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Mill rate goes up from 12.5 to 14.6

karenb@lakevillejournal.com

CORNWALL — A new mill rate has been established by the Board of Finance. The increase from 12.5 to 14.6 is mainly in response to a more than 16 percent decrease in the Grand List of taxable properties as a result of the recent revaluation.

Additional taxes and a $225,000 transfer from the general fund to the operating budget were needed to meet an anticipated $6.2 million in town and educational expenses, including the Region One School District assessment.

The new mill rate means an additional $147 per $100,000 in assessed value (taxed at 70 percent)

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