Killingworth voters approved a $4.18 million budget for the 2012-2013 fiscal year during a town-wide referendum on Thursday.
432 residents voted "yes" on the budget while 312 voted "no."
Although turnout for the town's first ever budget referendum was just 17.6 percent, the number of voters who came out to the polls was much higher than the number of residents who .
"This is almost double the turnout for the education budget which is 80 percent of the tax dollars. I don't get it," said finance board chairman John McMahon.
Following the vote, the finance board set the town's mill rate at 24.78. The current mill rate is 22.77.
"Everybody whose assessment went down should enjoy, based on this new mill rate, a modest tax decrease," McMahon said. "It's a significant majority of the taxpayers in Killingworth."
At Thursday's referendum voters also approved a Capital Budget of $675,000. The total vote count was 426 in favor and 309 against.