I ran some quick analysis on the excel sheets provided by the city’s tax assessor. Here are the highlights.
Properties in poorer neighborhoods (Dixwell, the Hill, Newhallville, Fair Haven) increased the most. Owners of properties in these neighborhoods will pay significantly more in taxes going forward.
Multi-unit (2, 3 and 4 family) properties (particularly in poorer neighborhoods) increased the most. Owners of these properties will pay more in taxes going forward.
Expect landlords to increase rents to compensate for the higher taxes.
Single family and Condo properties increased the least and will pay less in taxes.
Assessments of larger properties continue to be appraised significantly below recent sales prices, leaving the ‘little guy’, owners of smaller properties, to bear a disproportionate share of the tax burden.
Residential values increased more than Commercial and Industrial values. Residential owners will share a higher percent of the tax burden next year.
Click here to see how your neighborhood will be impacted
If you would like to get a general sense of how much you’ll pay in taxes going forward, go to the Residential tab in this workbook and find your property. Go to the far right of the spreadsheet to see the current and expected taxes.
The workbook assumes the following:
1. The data provided by the city is correct; some assessment amounts look to be incorrect
2. For the current fiscal year July 1, 2021 to June 30, 2022, the city taxed residential properties in total approximately $129 million.
3. The city will again tax residential properties in total $129 million next fiscal year July 1, 2021 to June 30, 2022. In all likelihood, the city will need to increase taxes.
4. The analysis does not include the impact of tax phase-ins.
