11 a.m. UPDATE: Bob from BePo had a question the other day about the city’s new mil rate for the budget year that will begin July 1.
The answer to Bob’s question becomes a little clearer, although still not complete, in the attached news release from Mayor Bill Finch regarding an increase in the city’s grand list following the implementation of the citywide revaluation of property.
When reval is set, grand list goes up, mil rate should come down. Where? We won’t know for sure until the mayor submits the budget to the City Council in April and the legislative body completes review and sets the final mil rate. Down side is some properties are worth more which means higher taxes. Stay tuned.
Bridgeport Reports Growth of 27.23% in 2008 Grand List
Wheelabrator Joins List of Top 10 Taxpayers
BRIDGEPORT, CT (March 5, 2009) – Mayor Bill Finch is pleased to announce the completion of the 2008 Grand List. Finch announced an increase in net taxable property of $1.46 billion or approximately 27.231% from the 2007 Net Grand List. This represents a net taxable Grand List of $7.043 billion.
The largest increase in real property occurred in industrial, representing an increase of 238.6% or $401 million. “Despite the problems faced nationally with the slowdown of the housing market, this shows that Bridgeport’s real estate economy continues to hold its own,” said Mayor Finch. “The addition of the Wheelabrator plant to the list of our Top 10 taxpayers is especially welcome in this economic climate.” Previously, Wheelabrator was exempt from taxation under a 20-year PILOT agreement.
The 27.231% increase over last year’s grand list is the result of a citywide revaluation, mandated by Connecticut General Statutes. The last revaluation occurred in 2003, on which the previous assessments are based. “Although there has been a fluctuation in sales prices over the last five years, statistics prove that values are still higher in 2008 than they were in 2003.” said Michael Feeney, Chief Financial Officer.
By category, the increases are as follows: $1.46 billion in net taxable real property and $50.65 million in net personal property. Motor vehicle decreased by $17.4mm or 4.4%. The overall Gross Grand List (prior to deductions of all Exemptions and Exempt Property) grew by nearly $1.86 billion, from $8.14 billion for 2007 to $10 billion in 2008. Exempt real estate now composes $2.9 Billion in assessed value, or approximately 33% of the Total Real Property component of $8.88 Billion.
Acting City Tax Assessor Elaine Carvalho, CCMA, stated that the decline in motor vehicle values is being felt statewide, as the nation continues to struggle with the credit crisis. “All of our surrounding communities experienced a similar decline in this category.”
In accordance with Connecticut General Statutes, the 2008 Grand List reflects a 70% assessment ratio.
Top Ten Taxpayers – Real Estate / Personal Property Combined for 2008
AT&T Mobility LLC
Southern Conn. Gas Co.
People’s United Bank
PSE&G Power Connecticut LLC
Bridgeport Energy LLC
Connecticut Light and Power
Success Village Apartment Inc.
Watermark 3030 Park LLC
The Safety Zone
I’d love to see the FAA shove the airport runway Stratford doesn’t want to improve right up its ass.
Mayor Bill Finch, City Council President Tom McCarthy and Airport Manager John Ricci joined an FAA official Wednesday to urge a legislative committee in Hartford to stop Stratford from stonewalling a runway safety zone. Stratford pols had won a legislative moratorium on improvements.
The city’s airport, located in Stratford, has been forever stuck in a tug of war between the two communities. Bridgeport cannot make needed improvements, let alone expansion, without Stratford’s approval. Why? Because Stratford pols are scared shit of the residential lungs in Lordship. Yes, it’s Lordship this and Lordship that. What a bunch of crap.
You think Mayor Jim I-Pack Miron is going to say anything to upset Lordship in an election year?
Stratford has a jewel under its nose that could be embraced by the town because of its economic potential. You think Bridgeport pols are myopic? Stratford pols are simply Bridgeport pols that moved east.
OIB has lots of Stratford friends. I’d like to know their take as well.
Nice to see Congressman Jim Himes tell U.S. Senator from Oklahoma Tom Coburn to stick it. Coburn attempted to strip away the $1.9 million earmarked for water taxi service for Pleasure Beach which has languished since the burning of the bridge 13 years ago connecting the peninsula to the city.
Himes is trying to save the money that his predecessor Chris Shays had lined up. So far, so good. The measure is part of a bill that passed the U.S. House and now is working its way through the Senate. Connecticut Senators Chris Dodd and Joe Lieberman have stood by the funding for the city.
Malloy, Oh Boy
Ben Malloy, the 21-year-old son of Stamford Mayor Dannel Malloy, is one gigantic toothache for his dad in more ways than one.
Dad wants to be governor of Connecticut and has a decent shot at becoming the Democratic nominee for governor in 2010. Of course Secretary of State Susan Bysiewicz and former House Speaker Jim Amann will have something to say about that.
Ben was pinched by Darien cops on robbery charges Wednesday, following drug charges in 2007. Dad says his boy has some mental illness issues he’s trying to help him work through. This stuff happens in politics. Bill Clinton had his brother, Jimmy Carter had his brother. Doesn’t anyone have a sister or daughter or a wife who’s a big pain in the ass?
Speaking of problems, Chris Dodd who has represented Connecticut in Congress for more than half his life has a growing list of potential opponents lining up against him, the latest CNBC talk show host Larry Kudlow. Former Congressman Rob Simmons, from eastern Connecticut, also is in the mix. So is Waterbury State Senator Sam Caligiuri.
Now what would happen if on the way to the dance for the eager GOP, Dodd packs his mortgage application, waves bye bye and Attorney General Richard Blumenthal is nominated to replace him on the Democratic side? That’s a nightmare for the GOP. Dodd’s a good guy who’s just been in government so long that the cracks are showing.
Where’s The 20 Grand?
What’s going on in City Hall? Search me. No, search the treasurer’s office. No, search the person who fleeced the office. Statement from Mayor Bill Finch.
A bag containing an undetermined amount of checks and cash was reported missing in the Treasurer’s Office late yesterday. Bridgeport police were notified and a complete investigation has been undertaken by the Detective division. The police department is pursuing any and all leads vigorously, and if it is found that a theft occurred then the person or persons responsible will be prosecuted to the fullest extent of the law.
“The investigation of this incident is a high priority for me,
especially since it involves our taxpayers hard-earned dollars,” said Mayor Bill Finch. “We won’t tolerate any sort of transgression, and our Detective bureau is working diligently to investigate this unfortunate incident. In the meantime, we are reviewing our protocol and internal processes regarding the handling of checks and cash to be sure that proper procedure was followed.”
News release from Congressman Jim Himes
Himes to Hold Foreclosure Prevention Forum in Bridgeport
Congressman Jim Himes (CT-4) and local legislators today announced that they will host foreclosure prevention forums this Saturday in Stamford and Bridgeport with a panel of foreclosure prevention experts. The forums will bring together government officials, community organizations, and foreclosure prevention specialists to connect homeowners facing foreclosure with programs and services that can help keep families in their homes.
This week, the U.S. House is slated to vote on the Help Families Save Their Homes Act. The bill includes key incentives to encourage lenders to negotiate affordable mortgages for homeowners who are underwater, at risk of foreclosure, and those nearing bankruptcy. This plan is expected to help 7 to 9 million families restructure or refinance their mortgages to avoid foreclosure-as well as their neighbors whose own house values would drop as a result of a nearby foreclosure.
Saturday’s events will include an overview by the Congressman on the Help Families Save Their Homes Act, guidance form foreclosure prevention experts on how best to maintain ownership throughout different stages of the foreclosure process, and a question and answer session with the panelists. Following the public session, local experts and organizations will be available for private questions from individual participants.
Saturday, March 7
1:00 p.m.-3:00 p.m.
WHO: Congressman Jim Himes
Connecticut General Assembly Assistant Minority Leader Don Clemons
State Representative Andres Ayala
Charlie Tisdale, Executive Director, ABCD
Tom Long, Project Manager, The Workplace, Inc.
Valencia Taft-Jackson Manager of Residential Mortgages, Connecticut Housing Finance Authority
Joan Carty, President & CEO, Housing Development Funds
WHERE: Town Hall Annex
999 Broad Street, Bridgeport, CT