Lyme ― Voters unanimously approved a $12.4 million budget for 2024-25 on Wednesday.

Town Clerk Linda Winzer said 51 taxpayers came to the Town Meeting to endorse the spending plan put forth by the Board of Finance.

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 taxes will be going up for most residents because last year’s property revaluation increased the grand list of taxable property by 37.2%. The change meant the finance board would have to reduce the current 19.5 mill tax rate by roughly the same percentage if they wanted to leave the tax rate unchanged.

Budget documents show the mill rate associated with no tax increase would have been 14.3 mills. But the finance board typically rounds up by 0.25 mills when setting the tax rate following a revaluation, according to officials.

That’s why the finance board set the tax rate at 14.5 mills when it met immediately after the budget vote, resulting in an effective increase of about 1.3%.

The $10.3 million town operations budget represents an increase of $329,045, or 3.3%, over the current budget. 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 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.

Voters also approved a resolution authorizing the Conservation Commission to enforce forestry regulations.

e.regan@theday.com