The Madison Board of Assessors approved a tax rate of $19.50 per $1,000 of assessed value Wednesday, keeping the rate the same as it is now.

“I think this will stabilize us for the next year,” Town Manager Tim Curtis said. “Everyone seemed pretty confident that this is what we need.”

Curtis said the tax rate should be enough to fund municipal and school budgets after a devaluation at Madison Paper Industries forced officials to tighten budgets last year. The drop in tax value at the mill also contributed to an 11 percent tax increase last year.