By SUSAN ELAN
The (Stamford) Advocate
May 24, 2000
STAMFORD - The Stamford Board of Finance approved tax rates last night that would raise the average bill for one- to three-family homes by an average 1.9 percent.
The average commercial tax bill will increase 9.6 percent. Personal (business) property tax rates remain the same as this year, and the automobile tax rate will drop 14.3 percent.
The board met for two hours adjusting revenues projected by Director of Administration Thomas Hamilton and Director of Policy and Management Dena Diorio.
The changes resulted in a cut of $23 off the average one- to three-family house owner's tax bill and $114 off the average commercial levy from that projected by the finance officials.
The tax rates themselves all decreased 14.3 percent to 16.66 percent.
Because of the new property values assessed in the just-completed citywide revaluation, the average assessment increased about 22 percent from values last imposed in 1993.
As a result, tax rates were lowered across the board, but taxes will increase because city spending in the fiscal year starting July 1 will be up about $13 million, to $303.2 million. The increase is a 4.4-percent hike over the current fiscal year.
"Mill rates are going down in every district but the personal property district," Hamilton told the Board of Finance. "Rates we've provided we think are appropriate to meet the city budget and not overtax the taxpayers.
"The impact really is varied from property to property and neighborhood to neighborhood. We have property's (values) going down as much as 15 to 20 percent and those going up as much as 50 percent."
The tax rates, called mill rates - are the amount levied on each $1,000 of assessed value of taxable property.
Most of the spending increase comes from the Board of Education, to rise 5.62 percent for operating expenses. The city will also pay 18 percent more for debt service for money expected to be borrowed for school construction projects.
Residential property taxes will rise 1.7 percent on average, from the average levy this year of $4,329 on the average assessment of $151,166; to $4,404 on the average assessment of all residential properties of $184,492; which includes one- to three-family homes, condominiums, docks and garages.
Taxes on one- to three-family homes will increase an average 1.9 percent; from $5,300, on the average $185,072 assessment; to $5,399 on the new average assessment of $226,181.
Condominium taxes will rise an average 0.9 percent, from $2,260 on an average assessment of $78,919, to $2,281 on the new average assessment of $95,549.
Stamford has four geographical tax districts - A, B, C and CS; a citywide tax district for business equipment, called personal property; and a separate tax rate for automobiles.
In District A, the largest district that includes downtown, the mill rate was set at 23.87. In District C, which includes North Stamford and other areas that have volunteer fire protection and don't receive garbage pickup, the mill rate was set at 22.50. In District CS, areas that receive garbage pickup but have volunteer fire protection, the mill rate was set at 22.96.
In District B, a tiny district that receives city fire protection but no garbage pickup, the mill rate was set at 23.74. The rate on autos was set at 26.47; on personal property, the rate was set at 28.64.
The board actions increased the amount the city expects to receive from interest income by $200,000, anticipating that higher interest rates will earn the city more money.
The contingency fund was set at $2.9 million, down from the $3.1 million that was recommended, and the reserve for tax appeals was cut $250,000 to $2.9 million. The board also increased by $100,000 the funds anticipated to be collected from building permit applications.
"In the first four or five years of the '90s, people got hit with hefty increases," said board member Joseph Tarzia. ". . . You know, the cost of living is very expensive in this area and the break of a few bucks makes a big difference."
Tarzia and fellow Republican James Rubino voted against the mill rates. Several of their motions to cut the rates by a few more dollars were defeated by the board.