Board members question commercial property tax assessments and shifts in residential rates

The Special City Council and Board of Finance Meeting held on May 12, 2025, in Torrington, Connecticut, focused on discussions surrounding property tax assessments and their implications for both residential and commercial properties. The meeting aimed to clarify the financial impacts of recent property evaluations and the shifting tax burdens between different property types.

The first significant topic addressed was the disparity in tax payments between business personal property and residential properties. Council members noted that while business personal property owners are currently paying more, the trend appears to shift tax burdens back and forth between these entities and residential taxpayers. This raised concerns about the fairness and logic of the current tax structure.

Further discussions delved into the specifics of the commercial property assessments. A council member highlighted that the commercial properties showed a $395 increase based on the 2023 grand list, prompting questions about how these figures would be communicated to the public. The conversation included detailed calculations regarding the assessed values of commercial properties, with one member confirming that a property originally assessed at $202,000 would see its taxes rise to $9,073.79 without a phase-in period. With a phase-in, the taxes would increase to $9,469 in the first year and $9,555 in the second year.

The meeting concluded with a recognition of the complexities involved in property tax assessments and the need for clear communication to the community regarding these changes. Council members expressed the importance of ensuring that all stakeholders understand the implications of the new assessments and the rationale behind the shifting tax burdens.

Overall, the meeting underscored the ongoing challenges faced by the city in balancing tax equity among different property types while addressing the financial needs of the community. Further discussions and follow-up actions are expected as the council continues to navigate these issues.