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The original item was published from 7/15/2022 5:41:08 PM to 8/4/2022 12:00:01 AM.

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Town News

Posted on: July 2, 2022

[ARCHIVED] Message from First Selectman Vicki Tesoro on Property Tax Revaluation

Vicki Tesoro Sitting at Desk

As your First Selectman, I am deeply aware of how the changes in economic conditions and the revaluation affect our Trumbull residents. The pandemic’s impact on the housing market has caused an imbalance in supply and demand, and resulted in a surge in residential property values, which while real, may not be sustainable. I believe the state should have suspended required revaluations. I will continue to fight for our taxpayers and advocate for programs that support our citizens during challenging economic times.  

WHAT IS REVALUATION 

  • Revaluation does not increase/decrease the total taxes collected - it changes who pays the tax burden.
  • Trumbull conducted a state mandated revaluation.
  • It adjusts property values to current values for both residential and commercial property. 

TRUMBULL's REVALUATION 

  • Residential property values increased at a higher rate than commercial property values.
  • Trumbull home values saw multi-decade level highs.
  • The revaluation shifted millions in tax burden from commercial to residential.
  • This shift alone means that residential taxpayers would pay more in taxes this year. 

WHY DID THE TAX BURDEN SHIFT? 

  • The mall's appraised value decreased by over $110 million. 
  • Trumbull mall, like malls across the country, has experienced a decline in value.
  • Decrease in commercial property value due to pandemic.
  • Nationwide increase in residential property values. 

TRUMBULL's 2022-2023 BUDGET 

  • 2022-2023 budget spending increase is 3.24%, which is under the rate of inflation.
  • This budget funds Trumbull's: 
    • Public Schools – Increase 3.2% over 21-22
    • Police Department, EMS, Roads, Parks
    • Other Essential Services
  • Education: 61% | Town: 27% | Debt Service: 7% | Pension: 5% 

AMERICAN RESCUE PLAN ACT (ARPA) FUNDING 

  • Used ARPA funding and monies from Trumbull's general fund (rainy day fund) to help residents and businesses at height of pandemic.
  • Funds provided Trumbull taxpayers with $7.4 million in real tax savings in 2020 and 2021. 

TRUMBULL’S STRONG FISCAL MANAGEMENT 

  • 2020-2021: 0% Tax Increase
  • 2021-2022: 1.96% Tax Increase 
  • Average tax increase over the last 4 years: 1.5%
  • AA+ bond rating
  • $24 million in Town’s General Fund  

WHAT THIS MEANS FOR TRUMBULL TAXPAYERS 

  • No single town-wide tax increase percent.
  • New tax for each resident is based on the change in the property assessment.
  • Some individual property owners will receive an increase in property tax, while others will receive a decrease. 

MITIGATING THE IMPACT 

  • First Selectman Tesoro advocated at the state level to delay the revaluation
  • Senior Tax Relief programs
  • Child Tax Rebate - Applications due by July 31, 2022
  • Statewide Motor Vehicle Tax Cap
  • State Property Tax Credit
  • Continued use of ARPA funding to support Trumbull's taxpayers 

MORE INFORMATION 

  • Visit www.trumbull-ct.gov or call 203-452-5016 (Tax Assessor), 203-452-5005 (First Selectman’s Office)

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