Waterbury phase-in (starting 2023)

 

We are aware of a property tax phase-in for some properties in Waterbury that is affecting their assessed value for the 2023-2024 fiscal year.

If you currently have a property listed on the MLS for a parcel that is affected by the phase-in, we recommend that you edit the assessment and tax amount to reflect the phase-in amount. If you are in the process of listing a property that is impacted by the phase-in, please make sure to review the assessment and tax amount fields after activating the listing and adjust them accordingly.

Note: this issue only affects properties that saw an increase between their 2021 Grand List assessment and their 2022 Grand List assessment.

 

Beginning with with 2023-2024 fiscal year, the City of Waterbury is undergoing a property tax phase-in based on the 2022 re-assessment that is projected to be fully implemented in the 2026-2027 fiscal year. This process allows the city to phase-in all, or a portion, of real property assessment increases resulting from the 2022 revaluation over the next 4 years. 

For example: if your assessment increased $20,000, that change would be evenly distributed over the next 4 years, resulting in an increase of $5,000 in your assessment each year.

  • Year 1: $100,000 initial assessment + $5,000 phase-in increase= $105,000
  • Year 2: $105,000 initial assessment + $5,000 phase-in increase= $110,000
  • Year 3: $110,000 initial assessment + $5,000 phase-in increase= $115,000
  • Year 4: $115,000 initial assessment + $5,000 phase-in increase= $120,000

During the 2023-2024 tax year, the estimated mil rate for the City of Waterbury will be 54.19. This mil rate will decrease each year until the 2026-2027 fiscal year, when the rate is projected to be 40 mils.

You can see the estimated mil rates for each tax year here: 

2023-06-19_10-23-45.jpg

 

The Waterbury GIS look-up site is not factoring in the phase in for the affected properties. The assessment figure it is showing is based on the entire amount. You can search the Waterbury Assessor GIS look-up site here: https://www.propertyrecordcards.com/searchmaster.aspx?towncode=151

The tax bills that are sent to the homeowners, however, reflect the phase in and are accurate. The City of Waterbury has created a tool that allows you to look up what the projected assessment for a property will be and the projected yearly mil rate changes.
You can access it here: https://www.propertyrecordcards.com/RevalProjectionsSearchMaster.aspx?towncode=151

 

You can learn more about Waterbury's phase-in on their Assessor's page: https://www.waterburyct.org/revaluationinfo

 

 

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