New Britain offers deferred tax assessments

Published on Tuesday, 11 September 2018 17:29
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NEW BRITAIN – Mayor Erin Stewart and the city’s Assessor’s Office announced Tuesday that residents who make improvements to their homes are now eligible for a deferred tax assessment on the work.

Under a recent ordinance change, residential properties that meet the approved criteria can enter into an agreement with the City assessor’s office for a deferral of any increased tax assessment related to improvements or repairs to home that have a value of at least $2,000. Homeowners can be eligible for a tax deferral of 10 percent of the increase in their assessment in the first year; this then increases by 10 percent each year after until the assessment is at 100 percent. The deferral applies to the owner or subsequent purchaser.

“We hope that homeowners will take advantage of this change and make some improvements to their home that perhaps they have been putting off,” Stewart said when announcing the program. “We know that home improvements can be expensive and this program helps to lighten that load and provides the opportunity for homeowners to make those investments and have their assessment be phased in over time.”

The full amendment can be found in the City’s Code of Ordinances at in “Sec. 22-12. - City designated as rehabilitation area for purpose of deferral of increase in assessment.”

Any benefit is based on the assessment increasing due to rehabilitation or property improvements. Applications must be made to the Assessor’s Office. Anyone with questions related to the program and its qualifications can call the Assessor’s Office at 860-826-3323.

- Skyler Frazer, @SFrazerNBH

Posted in New Britain Herald, General News on Tuesday, 11 September 2018 17:29. Updated: Tuesday, 11 September 2018 17:31.