https://www.ctpost.com/news/article/bridgeport-ct-budget-mill-rate-taxes-22092395.php
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BRIDGEPORT – What Mayor Joe Ganim is calling an “historic” slashing of the city’s tax rate will likely, due to the recent real estate revaluation, result not in a universal cut to what residential owners pay, but instead a range of changes.
“More than half may end up with a minimal tax increase that will probably be offset by a car tax decrease,” explained Finance Director Kenneth Flatto, with single-family properties faring the best.
But, he continued, multi-family and condominium taxes could rise on average “over 5%.”
Meanwhile, Flatto said, “A lot of our commercial taxpayers will probably see a reduction.”
On Monday Ganim forwarded his proposed $622.4 million municipal fiscal plan for 2026-27 to the City Council. A charter revision voters approved in November moved the mayor’s submission date from early April to the fourth Monday in March. That 20-person legislative body, all Democrats like Ganim, has until early May to scrutinize, amend and pass the document.
The highlight is the toppling of the tax or mill rate used to calculate residential and commercial bills from the current 43.45 mills, held level since 2021, to 27.75. That is thanks to the roughly 65% to 70% spike in home values resulting from the just-concluded five-year property revaluation, which in turn hiked the annual grand list – the total value of all taxable real estate, commercial equipment and motor vehicles – from $8.02 billion to around $12.9 billion.
“This is the lowest mill rate Bridgeport has seen in decades,” boasted Ganim in Monday’s transmittal letter to the council. “It is a game-changer.”
He should know, having first run Connecticut’s largest municipality from 1991 until 2003, then from his comeback in 2015 until today. During that decade-old reelection campaign, candidate Ganim had campaigned on not raising taxes. He then hiked the mill rate from 42.1 mills to 54.37 in 2016 and has, with the council, been gradually reducing the amount since.
Flatto said he researched mill rates at least back to 1990 and 27.75 mills is certainly the lowest. And if that were the only number that mattered, Bridgeporters across the board could expect to experience massive reductions in their taxes.
But it is not that simple, mainly because of how much the state’s post-COVID-19 pandemic real estate boom increased the sale prices over the last six years since that global health crisis struck. So a slashed tax rate does not equate to an equal bite out of tax bills.
Flatto estimates more than half of residents may still end up with what he called a “minimal” tax increase if Ganim’s budget is adopted as is by the council.
Delving further into the details, he explained that single-family homeowners will likely be the least impacted. But tax bills for multi-family buildings and condominiums may go up on average “over 5%” because those real estate values rose the most. And in a city and state grappling with a need for more affordable housing, one question will be whether landlords pass that additional expense on to their tenants.
Flatto pointed out renters and homeowners should all also see a reduction in car taxes. Per state statute, municipalities can impose no higher than a 32.46 mill rate on motor vehicles. And if the local real estate tax rate drops below that figure, then it applies. So, if Bridgeport’s council approves Ganim’s budget, the new car tax rate will also be set at 27.75.
“I think for the average taxpayer, they may get a slight increase in residential property taxes but a decrease in motor vehicle,” Flatto explained. “And at the end of the day their overall tax will be very close to break even.”
The values of commercial properties on average increased 50% to 55%, giving Flatto the confidence that many of those owners could see a reduction in their tax bills.
And that, Ganim told the council in his budget transmittal letter, will “foster renewed development across our city.”
Acknowledging that it can still be a significant struggle for residents to afford taxes here, the mayor is also proposing bolstering the existing senior and veteran tax relief program by $250 per household. So, depending on the tax bracket, the amounts would go from $500 to $750, $1,000 to $1,250 and $1,500 to $1,750.
His budget also would also make parks access free to Bridgeporters, doing away with the $15 permit fee.
Another highlight of the mayor’s proposed budget is an increase in education spending that he already announced nearly two weeks ago of $10 million, split up over the 2026-27 and 2027-28 fiscal years. Still, some critics have said that is not enough.
In a joint statement issued with Ganim’s, City Council President Jeanette Herron and budget committee co-chairs Ernie Newton and Richard Ortiz said they look forward to working collaboratively with the mayor “to keep taxes affordable for residents while making historic investments in our schools, senior and veteran tax relief, libraries, and more.”
They concluded, “We are also pleased to see the mayor advance a proposal discussed by the council for many years to grant Bridgeport residents free access to our parks.”
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