C
ity officials in Torrington, Connecticut are attributing the significant increase in tax bills to the volatile real estate market. The city last revalued homes in 2019, but the pandemic's impact on the market is now being felt. As a result, some homes have more than doubled in value, leading to higher property taxes.

    The median home value in Torrington is $265,000, up from previous years. Homeowners can expect to see an increase of around 2,500 dollars per year, with the new tax bill totaling approximately 7,100 dollars annually. This represents a substantial jump from the previous annual tax payment of about 4,600 dollars.

    To mitigate this burden, the city has taken steps to reduce the impact on residents. The mill rate has been lowered, and budgets for most city departments have not been increased. Additionally, 5 million dollars was withdrawn from the rainy day fund. Furthermore, the city council is implementing a two-year phase-in plan, which will spread out the tax increase over time.

    For homeowners like Keith and Cindy Zwart, who own a property worth well under the average value in Torrington, the increased taxes are still significant. Even with the lower mill rate, their tax bill has risen by around 3,000 dollars. While they won't face the full increase this year, it will be phased in over two years.

    First-time homebuyers are also being affected, as the high taxes make it difficult for them to afford living in Torrington. The city is aware of the burden and is taking steps to ease the financial strain on residents. Tax bills will be mailed out near the end of the month.