The tax rate, or mill rate, is established annually by the elected Board Of Finance members through the adoption of the town's budget. This process of establishing the tax rate begins with the preparation of the Town Administrative Proposed Budget and concludes with the Town's Board of Finance's adoption of the budget and mill rate. The simplified formula for determining the mill rate is the Town Levy divided by the Taxable Grand List. The Town Levy (also referred to as the Grand Levy) is simply the amount of money the Town needs to generate through the property tax in order to provide town services. The Taxable Grand List is the total of all non-exempt assessments for all real estate, motor vehicles, and personal property located within the Town's boundaries.