Waterford — The Board of Finance on Wednesday set a tax rate of 24.05, an increase of 4.28 mills over last year's rate.

First Selectman Daniel Steward said Thursday that some home values in town went down as much a 50 percent in their revaluation but that the average decrease was about 20 percent.

"There were significant decreases and part of it comes from the fact that in 2008 the market was extremely high, and technically, the market corrected for that and now we're in a position where we have to correct our rate," he said. "It shifts the burden from the homeowner to the businessman."

Because this was a revaluation year, only residential home values were affected. Business properties have remained flat because they are kept at a current rate, Steward said.

He said a resident with a property valued at $268,500 in 2008 and a value of $214,800 in 2013, which represents a 20 percent drop in value, will see a taxation change of "almost nothing."

However, he said for residents with very little change in value, the tax will be a much higher number.