EAST HARTFORD, Conn. (WTNH) — Every five years, state law requires municipalities to reassess the value of all properties in town.
East Hartford is among those on the docket for revaluation this year. Mayor Mike Walsh said homeowners should prepare now for an increase in property taxes.
“What we found out, is all values across the board are up but residential properties are up even more,” Walsh said.
Walsh said most properties in town went up well over 20 percent, with the pandemic being the root cause.
“I call it the pandemic flight… The town has not raised taxes but who is paying the taxes is vastly different, there is a shift away from commercial and onto residential,” Walsh said.
Walsh shared their assessment data with News 8, taking into account a cut in motor vehicle taxes approved by the state legislature this year. What you pay in property taxes is dependent on the new market value and your home’s size.
Small homes that had a 40 percent value increase could see a 10 percent increase in their property taxes, for medium homes 11, and large 12 percent. It jumps to nearly 20 percent for large homes that saw a 50 percent increase in value.
Other communities will phase in their assessment to ease the burden for homeowners, including New Haven, where the Board of Alders voted to do it over two years.
Despite Hartford having the highest mill rate, homeowners there will see tax relief.
Hartford Mayor Luke Bronin issued the following statement: “Our budget reduces the property tax rate by 7.2%, which is the largest tax rate cut Hartford has seen in decades.”
There are also several new tax cuts coming for all Connecticut homeowners.
“Between 900 tax break for seniors on fixed incomes, the child property tax credit of $750, the $300 of relief on CT 1040 and the fact the car tax is down to 34 and change, we are mitigating the effects of revaluation, no question about it.”
If you’re paying off a mortgage, Walsh recommends sitting down with your bank or mortgage broker to make sure everyone’s on the same page, given the rise in property taxes.