Lyme residents will see a change in their tax bills this July, due the revaluation that has taken place in the last year.  (This process is required by state law to be done every 10 years, with a statistical revaluation 5 years in between.)  On average, property market values in Lyme have fallen 6.7%.   This doesn’t mean that a resident’s taxes will go down by this same 6.7%.  The funds the town needs to operate has not changed, so the same property tax revenue is needed.  The mil rate was changed this year to 19.95 to keep our tax receipts equal with last year.