In time, home value drop will hike taxes

In time, home value drop will hike taxes

There are 1 comment on the The Day story from Dec 7, 2013, titled In time, home value drop will hike taxes. In it, The Day reports that:

On Dec. 4, The Day reports that real estate values are down 25 percent to 35 percent in New London, "Real estate values down in NL reval."

Join the discussion below, or Read more at The Day.

Morgan

East Lyme, CT

#1 Dec 9, 2013
Michael Feeder objected to Mayor Finizio's statement that the tax rate would have to be increased so that the city's income after properties were devalued by 25 to 35 percent would remain the same.
It is to be expected that the city needs the same income to maintain existing services. Would Mr. Feeder like it if our garbage was only picked up 75% of the time, especially during the hottest weeks of July? How about if snow plows only came out for 3 out of 4 heavy snow storms? Or if fire and police only respond to 75% of the calls for help? Would you like your heart attack to be the 25% that doesn't get an ambulance and paramedics?
In the past the city actually has reduced the mil rate at a time when the assessment yielded taxes in excess of the budget. Not frequently, but I do remember it happening.
Even given a miraculous increase in the values of our properties any time soon (we can only hope), a major reassessment by the city is not going to happen in a hurry. It took several years to do this one reassessment, and I expect we'll be happy with houses that sell for way above the city's current assessments.

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