Lyme ― Voters will be asked to approve the proposed 2024-25 budget of $12.4 million at a Wednesday Town Meeting at 6:30 p.m. at Town Hall.

The budget ― which includes town operations and capital expenses as well as the town’s share of the Lyme-Old Lyme school spending plan ― is down about $1 million, or 7.8%, from current spending.

But that doesn’t mean taxes are going down with it.

Last year’s property revaluation resulted in a 37.2% increase in the grand list of taxable property. Board of Finance Chairman Alan Sheiness has said the finance board will have to reduce the current 19.5 mill tax rate by roughly the same percentage to arrive at a tax rate that reflect no increase.

That would come out to be 14.3 mills, according to budget documents. But officials said the finance board typically rounds up by 0.25 mills when setting the mill rate following a revaluation.

The Board of Finance will meet after the Town Meeting to set the tax rate. Sheiness is projecting a tax rate of 14.5 mills.

That equates to an overall tax rate increase of 1.3%.

The proposed $10.3 million town operations budget represents an increase of $329,045, or 3.3%. It includes education spending in the amount of $6.7 million, which is up $158,999, or 2.4%, from the town’s current regional school district share.

Driving down the proposed budget total is the $2.1 million capital expense line item, which is $1.4 million, or 40%, less than the town is spending this year with the completion of two bridge projects.

e.regan@theday.com