FAIRFIELD — Though worried about how action at the state level might affect projected revenues, the Board of Finance Tuesday unanimously adopted a new tax rate of 18.58 mills, a 6.72 percent over the current 17.41 mill rate.

The increase is necessary to fund the $245,498,879 spending plan for the 2008-09 fiscal year.

For a home assessed at $250,000, that would mean a new tax bill of $4,645 compared to the existing $4,352 bill.

First Selectman Kenneth Flatto will see the tax bill on his home on Orchard Hill Lane, assessed at $444,430, increase from $7,737 to $8,257, while Board of Finance Chairman Kevin Kiley's tax bill jumps from $7,213 to $7,698. Kiley's Steiner Street home is assessed at $414,330.

On the higher end of the scale, state Sen. John McKinney's home on South Gate Lane in the Southport section of town is assessed at $1.2 million. His tax bill now is $20,983; his new tax bill will be $22,393.

There were concerns that when the board voted, the state Legislature still hadn't taken action on the real estate conveyance tax. If the session ends without a vote on the matter, the amount the town would receive would drop considerably.

The town has estimated it will receive $2 million through the conveyance tax, but if the current rate is not extended by the state, that number could be about $1.1 million less, according to Fiscal Officer Paul Hiller.

"Can this board, the Board of Finance, take any action to improve that situation, either by controlling

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expenses or changing the revenue," asked board member Michael Tetreau.

Hiller said the finance board cannot now change the budget set by the Representative Town Meeting. He said if needed, it would be up to the town administration and the Board of Education to control expenses.

"The other option is to change the suggested mill rate," Hiller said, in order to increase the amount collected by taxes.

He also said the discussion of what to do should there be a budget shortfall "may be premature."