Milford CT Tax Payers - Relief on the way?
Milford, CT tax payers may see some relief thanks to a growing grand list. Mayor James L. Richetelli Jr made this statement in a town meeting on January 30, 2008. I am sure there was a sigh of relief.
The grand list is based on commercial, industrial properties and business equipment. Mayor Richetelli is quoted as saying “We’ve had some large projects come onto the list for the first time, including the Milford Crossing, and Milford Market place retail centers that will go a long way toward offsetting taxes.”
“The grand list which is used in computing the tax rate for the municipal budget that begins on July 1st. With a nearly $4 billon grand list, every $ 4 million of increase equal 1 mill of tax revenues, Officials said. Each mill is $1,000 of the assessed value of a property, which is 70 percent of its market value” as reported in the January 31st issue of the Connecticut Post.
The exact effect this growth in the grand list will have on individual taxpayers has not been determined as it is not a straight-forward computation. Milford will also be implementing the second of a five year phase in based on the 2006 re-evaluation. Single family homes in Milford increased on the average 86 per cent from their value a year earlier. Homes along the shoreline saw more than a 100% increase in their value.
A form of tax relief is also being looked at for seniors as previously stated by Mayor Richetelli.
What impact has this growth in commercial development meant to your life in Milford?
Filed under: Milford CT
