The revaluation of city property is scheduled to kick in next year following a two-year delay approved by the state legislature and Governor Dan Malloy. One idea under consideration to lessen the financial impact of property taxes is land value taxation.
State Representative Steven Stafstrom is inviting residents to join government officials and community leaders for an open discussion of the pros and cons of land value taxation and how studying this alternative method of valuing property could affect property taxes in Bridgeport. The forum will take place Saturday from 9 to 10 a.m. at the Black Rock Library, 2705 Fairfield Avenue.
The featured speaker is Joshua Vincent, CEO and President for the Center for the Study of Economics.
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Bridgeport was approved for a pilot to change to land value tax while Stafstrom was on city council. I do not expect support for this from him, as the administration is not in favor of this. Why? It would prevent developers from warehousing land they own, pay minimum taxes until they are ready to develop, and be approved for 40-year tax abatements. And developers are BIG donors to the Democrats both locally and to the state party. And if Republicans were in the majority here, best guess the same policy would be in place. This city.
Agreed, Jennifer. It would cost friends of Bill and Joe dearly. Uncle Sal is still telling people the city owes him from deals he cut when Joe was mayor and Bill continues to make good on them.
But you can be sure the city will come up with some way to take them off the hook.
At the taxpayer’s expense, Uncle Sal et al. are VERY rich men. And we keep making them richer while they live the high life in the suburbs. WAKE UP, BRIDGEPORT!