Home and businesses owners this week are expected to receive notification of their new property assessments, a review required every five years by state law.
Two letters will be issued, one from Finance Director Ken Flatto, the other highlighting the new assessment and the process to both challenge and appeal the number.
Property owners, according to Flatto’s letter, can expect to see a drop in the mil rate from the current 54 to the mid 40s, a reflection of “enhancing the value of homes and commercial properties in our city.”
The new mil rate will be established during the budget process. In April Mayor Joe Ganim will submit his spending plan for the year commencing July 1, 2021. It will undergo a review by the City Council’s Budget and Appropriations Committee including public hearings. The final mil rate will be set by the council in June.
For further information see BridgeportCT.gov/ReVal.