Department of Finance
Mark Pietrosimone, Controller
200 Orange St.
(203) 946-8300
Controller Mark Pietrosimone
Under the direction of the City Controller, the Department of Finance is
responsible for the stewardship of the City's funds and accounts.
Pension Information
Preview an Estimate of July 2007 and January 2008 Property Taxes
This amount can be divided by 2 to give your July and January
installments.
How the calculation is done
On March 1, 2007, the Mayor presented the City's Fiscal Year 07-08
General Fund Budget, to the Board of Alderman. Residents can now get an early
look at what their property taxes will be for July 2007 and January 2008. The
new proposed tax can be calculated by taking the difference between the
"old assessment value" and the "new assessment value" (the
Office of the Assessor recently sent this information to all real estate
property owners) and dividing that difference by 5. Take that figure
and add it to the "old assessment value" and you will arrive at the
1st year "phase in" amount. Multiply the phase in amount by the new
proposed mill rate (0.04329) and you get an estimate of the new taxes.
2006-2007 old assessment x 0.04485 = property taxes
2007-2008 (old assessment + (new assessment - old assessment) /
5) x 0.04329
Example
Old Assessment Value = 75,000
New Assessment Value = 125,000
Then
2006 - 2007 = 75,000 x 0.04485 = $3364
2007 - 2008 = (75,000 + (125,000 - 75,000) /5) x 0.04329
= (75,000 + 10,000) x 0.04329
= $ 3680
The final tax rate is approved by the Board of Alderman in the 1st
week of June. At that time exact city taxes can be accessed
online here.
