Flatto Provides Details About Property Revaluation Outlook

Eight weeks into his job, Finance Director Ken Flatto says he’s feeling more optimistic about the impact revaluation of taxable property will have on taxpayers. Thursday afternoon Flatto and Tax Assessor Elaine Carvalho shared with the media a summary of reassessment information that they say generally will bring a mixed bag for taxpayers, some seeing a tax benefit, some going up and some staying relatively the same. Overall, Bridgeport real property reassessment totals are down approximately 19 percent from the last 2008 reassessment while motor vehicles and personal property that value every year are running steady.

Mayor Joe Ganim will submit his budget proposal to the City Council in April. The council will establish a mil rate for the budget year starting July 1 when reval kicks in.

Kevin Comer, chief executive officer of Vision Government Solutions, the company hired by the city to oversee the revaluation of property, joined in the media briefing by conference call.

Finance officials say single-family and multi-family home assessments on an overall basis are similar to the overall average, with a large majority of home assessments decreasing between 15 to 30 percent. Condominium values are down an average of over 30 percent. Commercial, industrial and large parcel land-only property values are down 5 to 15 percent.

“Since residential values have dropped somewhat more than most other classes of real estate, a majority of homeowners should not see a negative tax impact from reassessment, unlike what was feared a few years ago,” according to Flatto’s reassessment summary. “However some homeowners will see some negative tax impact from reassessment as their property values did not decrease as much as most residences around the city. Reassessment is a process. Since the last 2008 assessments, changes in market values, rent rates and other factors have occurred. The goal of state-mandated reassessment is to assess as fairly as possible.”

A few years ago the work of Vision Government Solutions was stopped short when the Connecticut General Assembly and Governor Dan Malloy acquiesced to then-Mayor Bill Finch’s request to delay implementation of reval for two years. Finch did not want to face voters with the possible toxicity of reval in an election year. Despite achieving the delay in reval Finch believed would enhance his reelection chances, Ganim defeated him in last September’s Democratic primary.

Ganim hired Flatto, a certified public accountant and former first selectman of Fairfield, as finance director.

Comer was asked if the revaluation trends changed from the halted work his company performed from a few years ago. He punted the question to Carvalho who said some property values have recovered from the work that was done then but overall the work was not completed due to action by Malloy and the legislature requiring the process to start from scratch.

Flatto called this a statistical reassessment process as required by the state, not a full measure inspection process.

Flatto also said he expects Bridgeport motor vehicle taxes for the year starting July 1 will decrease approximately 20 percent based on action by the state legislature last year that created statewide uniformity of car taxes. Although Bridgeport’s rate could be projected higher than its current 42 mils come July 1, the legislature has created a statewide mil rate at roughly 30 mils. The state will reimburse Bridgeport for the revenue loss as a result of the lower mil rate for motor vehicles.

In the past some motor vehicle owners intentionally registered vehicles in lower mil rate communities to avoid paying a higher tax rate in Bridgeport. Flatto had a message warning: “register your car in Bridgeport because it will benefit you.” Flatto added that equalizing car taxes across the state was “long overdue.”

Flatto said grand list growth has been stagnant for eight years but he sees things turning around with the Steel Point redevelopment project adding new taxes including personal property taxes from anchor tenant Bass Pro Shops as well as new construction from Downtown North redevelopments.

The reval process is not done yet. Vision Government Solutions will send out final notices in late February. “Anyone who feels their new assessment value may not reflect what they believe that value should be has a right and full opportunity to go to the Board of Assessment Appeals when that process begins in March,” says Flatto.

See assessment info here.

Carvalho says “If you wish to appeal your assessment after the informal hearing/assessment review process with Vision Government Solutions has been completed, a written appeal to the Board of Assessment Appeals on the prescribed Board of Assessment Appeals appeal form must be completed and physically delivered to the Assessor’s Office by March 20, 2016. The forms will be available in February from the Assessor’s Office in the Bridgeport City Hall and on the City’s website.”