Torrington City Council considers two-year phase-in for tax mill rate changes

Torrington's City Council and Board of Finance convened on May 12, 2025, to discuss critical financial strategies aimed at easing the burden of rising property taxes on residents. A key proposal emerged to phase in tax increases over two years, which could significantly mitigate the immediate financial impact on taxpayers.

During the meeting, officials highlighted the challenges facing the community, noting that many residents are already stretched thin due to rising costs of living, including medical bills and everyday expenses. The proposed phased approach would allow for a more manageable tax increase, with estimates suggesting a 17% rise in the first year, compared to a potential 25.7% increase if implemented all at once.

Council members emphasized the importance of reviewing various tax scenarios before finalizing decisions. They expressed a desire to analyze the implications of different mill rates on the budget and taxpayers. This careful consideration aims to ensure that any adjustments made are in the best interest of the community, particularly in light of the financial strain many residents are experiencing.

The council plans to hold public hearings and joint meetings with the Board of Safety in the coming weeks to further discuss spending plans and revenue gaps. These discussions will be crucial as the city prepares to submit its decisions to the Office of Policy and Management (OPM), which will require clarity on whether the city will opt for a phased implementation or a full tax increase.

As Torrington navigates these financial challenges, the proposed phased tax increase represents a significant step towards balancing the city's budget while considering the economic realities faced by its residents. The council's commitment to transparency and community engagement will be vital as they move forward with these discussions.