Proposal will limit tax increases on homeowners while improving job prospects in city
A plan to avoid delays in the city of Hartford's much-needed real property revaluation has been put forward by city business leaders.
The proposal, which has been drafted by the Hartford Chamber of Commerce, the subsidiary of the MetroHartford Alliance, and supported by the Connecticut Business & Industry Association (CBIA), would limit increases on homeowners by phasing in the results of the next revaluation over five years and phase out a significant portion of a tax surcharge on commercial properties.
" By minimizing the impact on homeowners and improving the tax climate for businesses, we believe that this can be a win-win for the city," said Oz Griebel, president and CEO of the Alliance. "It strikes the balance of keeping Hartford a livable city for homeowners while making Hartford more business-friendly through elimination of the surcharge."
CBIA Senior Vice President Joseph Brennan said that CBIA supports the efforts of the city's businesses and the chamber to move the revaluation forward while easing the burden on homeowners. "Delaying the revaluation will only hurt everyone in the long run," Brennan said. "The best way to deal with property tax issues is to grow the economy in the city and increase the tax base. This plan can help do that."
The plan put forth by the business community would:
- Phase in revaluation for homeowners at increases restricted to 5 percent or less each year for five years;
- Establish a sustainable property tax structure that supports homeownership and brings the city more in line with the rest of the state;
- Phase out two-thirds of the surcharge on commercial property, which sets Hartford apart from other cities and towns and deters job growth in the capital city.
Businesses would pay approximately $32 million more in property taxes under this plan. However, if no changes are made by the legislature, residential homeowners would see taxes increase by an average of 57%, partly because of past revaluation delays.
" The legislature should adopt the business community's proposal and let the revaluation move forward," said Griebel. "It's the best result for homeowners and businesses in the city."
CBIA is Connecticut's largest business organization, with 10,000 members.
MetroHartford Alliance is the city's chamber of commerce and the region's economic development leader.
For more information, please contact:
Marie Bonelli, MetroHartford Alliance, 860-728-2269
Katie Bailey, MetroHartford Alliance, 860-728.2262
Nancy Andrews, CBIA, 860-244-1957
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