Revenue to run the city is derived predominately from local property taxes Most property comes from land use, but there are also forms of property, including automobiles and physical assets often associated with commercial businesses. Revenue is collected via a tax-levy, based upon a mill rate formula that is derived after the city has formulated a budget. Roughly, 89% of Norwalk’s revenue for 2020-21 was derived from the Grand List.
As mandated by Connecticut State Statutes, municipalities are required reassess and re-inventory a town’s Real Property every five years. Norwalk’s Grand List Revaluation was conducted in 2018 with a total valuation of $14.3 Billion. The Grand list breakdown is as follows:
| Category | Revenue | Percentage |
| Residential Property | 8.5B | 60% |
| Commercial Property | 3.0B | 21% |
| Industrial Property | $193M | <.05% |
| Public Utility | $200M | <.05% |
| Land Use | $289M | <.05% |
| Vacant Land | $200M | <.05% |
| Apartments | $856M | 6% |
| Automobiles | $664M | 5% |
| Personal Property | $804M | 6% |
| Exemptions | $ 32M | <.05% |
2018 Connecticut Municipality Grand Lists
https://data.ct.gov/Local-Government/2018-Net-Grand-List-by-Town/6air-a3zv