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Council sets 10% homestead exemption after revaluation; homeowners— tax impacts discussed
Summary
After a townwide revaluation that raised many residential assessments, New Milford—s council voted to adopt a 10% homestead exemption to soften the tax impact on primary residences while acknowledging a shift of tax burden from commercial to residential accounts.
The New Milford Town Council voted Feb. 9 to apply a 10% homestead exemption following a town revaluation that raised many residential assessed values (the median revaluation increase discussed by staff was in the mid-50s percent range for single-family homes).
Town staff presented scenarios that compared no-exemption outcomes with a 10% homestead exemption and described the resulting mill-rate adjustments. Finance staff and the assessor explained the mechanics: the homestead exemption reduces the taxable portion of a primary residence—s assessed value (the council used 70% of assessed value as the taxable base in examples) and thereby shifts the municipal grand list—s allocation, which affects mill rates across classes.
Brian (staff) explained the household-level variance in revaluation outcomes and estimated how different property value increases would map to tax-dollar changes under several scenarios. He emphasized that property owners who believe their reassessment is inaccurate may seek review by the Board of Assessment Appeals.
Councilors and staff stressed outreach and transparency: staff said assessment notices were mailed and property owners can review reassessed values online, and the council slated public meetings and additional material (tranches of value-change examples) to help residents understand specific effects. "You'll be having an idea of what the mill rate's going to be right through the budget hearings," a staff member said.
Why it matters: The homestead exemption narrows the most extreme increases for owner-occupied homes while leaving second homes and investment properties fully taxable under current state rules. Councilors framed the decision as an effort to balance fairness for primary homeowners with fiscal responsibility for the town.
Next steps: Staff will publish property-specific examples online, hold public information sessions and include the homestead exemption in formal budget calculations and Mill Rate notices during the spring budget process.
