It’s not the windfall desired, but the city’s grand list of taxable property expanded slightly allowing city bean counters to tap another $1 million or so for the election-year budget Mayor Joe Ganim will submit to the City Council in early April.
The mayor will at least hold taxes steady with an eye toward cutting them a bit.
Key also is the amount of money anticipated from the state, a leap of faith because city budget deliberations advance before the state budget is finalized.
The city mil rate 43.45 (the number for every $1,000 of assessed value) is lower than municipalities such as Hartford, Naugatuck, New Britain and Waterbury. See FY-22-23-ADM MillRates-882022.
City car taxes, however, are capped at 32.46 courtesy of the state reimbursing the difference.
From Brian Lockhart, CT Post:
The city’s grand list, the total value of all taxable real estate, commercial equipment and motor vehicles, ticked up slightly last year from $8.11 billion to $8.16 billion.
“In a really good year we’d obviously love to see an increase that would be above one percent,” Finance Director Kenneth Flatto said. “(But) we’re pleased this is positive growth. It helps the budget a little for next fiscal year.”
For taxpayers, Flatto said it means Mayor Joe Ganim and City Council have maybe at least an additional $1 million in taxes to help balance the 2023/24 draft municipal budget that the mayor will propose to the legislative body in early April.
Given this is an election year, Ganim–who already has three opponents lined up against him–and council members, all Democrats like the mayor, are not expected to raise taxes. Whether they will pursue a cut to the tax rate remains to be seen. In 2021, Bridgeport’s tax rate was reduced from 53.99 mills to 43.45 mills and remained steady at the conclusion of last year’s spring budget season.
Full story here.