Ganim Submits Historic Budget – Record Low Mill Rate, $10 Million More For Schools, Expanded Senior And Vet Property Tax Relief, Free Park Stickers For Residents

Buoyed by a bulging grand list of taxable property, Mayor Joe Ganim has presented a pivotal spending plan to the City Council for the budget year starting July 1, including a historically low mill rate down from 43.45 to 27.75, $10 million more for schools over the next two years, more property tax relief for seniors and veterans, free park stickers for all Bridgeport residents, lower car taxes and a new wrinkle: additional resources for the Registrar of Voters to expand supervised balloting in senior housing complexes following the 2023 election-cycle debacle that triggered state election fraud investigations and arrests.

Not since the Jasper McLevy mayoral years dating to the 1950s has the tax rate enjoyed such a precipitous drop to 27.75 after Bridgeport’s loathsome identity for decades as one of the highest taxed cities in the state. To place this into perspective Bridgeport’s mill rate will now be on a par with its large-acre suburban neighbors such as Fairfield, Easton, Trumbull and Monroe most of which eschew the full services required of urban stressors.

Now, before all of you go out and empty the bank account for a tax-relief block party know this: every five years the state requires municipalities to undergo a revaluation process to update real estate property assessments of residential, commercial, automotive and personal property, to determine the tax rate. Some property values go up, some come down, some stay the same. It also means, based on the respective assessments and new mill rate your tax bill may go up, stay the same or go down.

In this case the city’s grand list of taxable property, according to financial bean counters, grew by roughly 62 percent to $13 billion across the board including burgeoning housing starts led by more than 400 units at the Steelpointe Harbor redevelopment area, the first units expected to be occupied this summer.

Some neighborhoods and categories (such as condominiums) will experience higher assessments meaning your property value has increased from five years ago. That means you have more equity in your home. Great news if looking to sell.

So residential property owners…

A “mill” represents $1 of tax for every $1,000 of assessed value.

Formula: (Assessment × Mill Rate) ÷ 1,000 = Your Tax Bill.

In the larger picture for business recruitment and retention, the new mill rate no longer is a drag but a positive to grow the tax rate to finance city services.

If you’re a car owner it’s solid news because the tax rates for motor vehicles are capped at by the state at 32.46 mills. The new mill rate of 27.75 lowers your car tax bill.

News release from Mayor’s Office:

Mayor Joseph P. Ganim today officially transmitted his proposed Fiscal Year 2026-2027 operating budget to the Bridgeport City Council, marking a milestone in the city’s fiscal history. Driven by a 62.5% growth in the Grand List to $13 billion, the Mayor’s proposal includes a dramatic reduction of the mill rate from 43.45 to 27.75, the lowest level Bridgeport has seen in decades.

The proposed budget leverages unprecedented economic growth to provide direct relief to taxpayers while making strategic investments in education, senior services, and community infrastructure.

“This budget is a gamechanger for Bridgeport,” said Mayor Ganim. “Our city’s growth has outpaced most of Connecticut, signaling a high level of investment and confidence in our future. This budget not only proposes the lowest mill rate in decades but makes the largest investment ever in our schools and libraries, expands senior and veteran tax relief, gives residents free access to our parks, and funds the expansion of supervised balloting. I look forward to working with the City Council on final approval of these proposals.”

Key Highlights of the FY 26-27 Proposed Budget:

 

• Historic Tax Relief: The proposed mill rate reduction from 43.45 to 27.75 aims to offset the impact of property revaluation and provide long-term stability for homeowners and businesses.
• Significant Car Tax Savings: Every motor vehicle owner in the city will see relief as the car tax mill rate drops from 32.46 to 27.75.
• Record Investment in Education: The Mayor has proposed a $10 million increase to local education spending over two years, with $5 million taking effect immediately in this budget cycle. This represents the largest two-year local investment in Bridgeport’s history.
• Support for Seniors and Veterans: To protect those on fixed incomes, the budget proposes an immediate $250 increase per household to the Senior and Veteran Tax Relief Program.
• Free Park Access: To ensure every resident can enjoy “The Park City,” the budget proposes that park stickers be free for all Bridgeport residents (upon proof of valid Bridgeport auto registration)
• Strengthening Election Integrity: The budget provides the Registrars of Voters with additional resources to expand supervised balloting, specifically in senior and disabled housing complexes, starting this upcoming election cycle.
• Investing in Our Libraries: This budget includes a significant $2.3 million increase for the Bridgeport Public Libraries, ensuring these vital hubs of learning and community remain robust and accessible.

In a joint statement, Council President Herron and Budget Co-Chairs Ernest Newton and Richard Ortiz stated the following: “We look forward to passing this year’s budget, as we work collaboratively with the Mayor to keep taxes affordable for residents while making historic investments in our schools, senior and veteran tax relief, libraries, and more. We are also pleased to see the Mayor advance a proposal discussed by the Council for many years to grant Bridgeport residents free access to our parks.”

The City Council will now begin its review of the proposed budget, including meetings and public hearings conducted by the Budget and Appropriations Committee, before a final vote is taken later this spring.