New Britain is one of the several cities in Connecticut required to conduct reevaluations on all real-estate property this year.
“We know our property values are going to shoot through the roof,” New Britain Mayor Erin Stewart said.
Under Connecticut law, it’s required every five years. Stewart said homeowners should expect letters in the mail this week, explaining the new value of their homes.
“Today, notices will go in the mail with everyone's property assessment as it has shifted over the last five years,” Stewart said.
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Stewart said due to high demands in the housing market, homeowners should anticipate higher property values, increasing anywhere between 50 and 75%.
So, how does this impact your property tax bill next year?
The amount is calculated by multiplying the new assessed value of your property, by the new mill rate, which will not be established until June 2023. Stewart is urging people not to do the math just yet.
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“I have a lot of work to do over the next five to six months to make sure the budget and the mill rate are going to be equalized so people are not taxed out of their home,” Stewart said.
The mill rate in New Britain was 49.5 in 2022. Mayor Stewart hopes to lower the tax rate for 2023, but it doesn't necessarily mean your property tax bill will be cheaper.
“It doesn’t equate to people paying less on their tax bill, so even though the mill rate may drop, people may still be paying the same if not a little bit more, but at a lower mill rate,” Stewart explained.
This is something long-time resident Ron Kapushinski is hopeful for.
“So, I am hoping if the evaluation goes higher, they will lower the mill rate, and try to offset some of that pain,” Ron Kapushinski of New Britain said. “I hope it’s not a shock, a mild surprise we can deal with, but a shock would be problematic.”
Informal hearings to dispute your new assessment will happen in December and can be scheduled with MUNIVAL within 10 days of receiving your notice.
You can submit your schedule an appointment here or call 203-292-5500. You can also check your appraisal online here.
Stewart will host a Facebook live with Assistant City Assessor Tim Hutvagner on Nov. 29 at 12 p.m.
