Do mill rate hikes affect where families or biz locate?

Bridgeport is pondering a 2.5 mill rate hike for the next fiscal year, which could add $400 bucks to the average home owner’s bill and $981 to a business’ tax bill.

Yet prices for homes in Bridgeport are much lower than other areas of the county and there are some bargain prices for commercial buildings as well, making ownership, at least on its surface more attainable in the Park City.

We want to know what you think and where you’re looking for a new home or new business opportunity. Do you think increases in property taxes in Bridgeport or elsewhere could impact the pace of recovery in housing and commercial real estate in Southwest Connecticut?

Here’s the ranking of our area towns by last year’s mill rates. Most in Southwest Connecticut were in that 20 to 25 mill range. Only Bridgeport is above 40 and proposing to go higher. We’ve provided some of the proposed mill rates for the coming fiscal year as well.

A mill is equal to $1.00 of tax for each $1,000 of assessment. To calculate the property tax, multiply the assessment of the property, which is 70 percent of market value, by the mill rate and divide by 1,000. For example, a property with a assessed value of $50,000 located in a municipality with a mill rate of 20 mills would have a property tax bill of $1,000 per year.

Mill rates under 20

Greenwich proposed 10.675 mills from 10.389

Darien current proposed 13.51 from 12.68

New Canaan 14

Bridgewater current 17.5

Stamford 17.89 (Has multiple property tax rates)

Westport 17.91

Rates 20 to 25

Ridgefield 20.37

Wilton 21.055

Norwalk proposed 22.2 from 21.33 (Norwalk has 13 property tax rates that range within a mill of each other)

Shelton 22.4

Danbury proposed 26.8 mills from 22.45

Redding 23.28

Fairfield current 23.37

Oxford 24.1

Weston 24.02

Bethel current 24.07

Newtown 24.54

New Fairfield 24.66

Rates 25 to 30

New Milford 25.37

Milford 25.6

Ansonia current 27.65

Easton current 29.1

Monroe  29.26

Over 30

Trumbull 30.71

Seymour 32.83

Stratford 34.48

Derby current 35.5

Bridgeport proposed 43.6 from 41.11

Source: Office of Policy Management

Rob Varnon