The Town of Trumbull has completed its state-mandated revaluation of all real property as required every five years by Connecticut law. A revaluation appraises all real property according to its full and fair value in order to spread the tax burden equitably across the town. Due to extreme circumstances–rapidly rising residential property values and the COVID-19 pandemic’s impact on commercial property values–Trumbull will see a shift in tax burden from commercial property to residential property.
“Revaluations taken during the height of the pandemic do not necessarily produce fair results for Trumbull residential property owners,” said First Selectman Vicki Tesoro. “The revaluation measures property values at a specific moment in time, but I believe that the pandemic has temporarily changed market conditions. Our residents cannot afford this additional tax burden caused by the unprecedented circumstances over the last two years. This is why I have been working tirelessly to find solutions that will mitigate the impact of the revaluation on Trumbull taxpayers.”
The 2021 revaluation was driven in large part due to the extraordinary increase in home values and a substantial decrease in the values of some of our commercial properties. Overall, the revaluation increased the town’s Grand List–a listing of all taxable property in Trumbull–by 12.5 percent. The result of the revaluation creates a significant shift of the tax burden from commercial property to residential property. This shift represents approximately $5 million in tax burden that residential properties will now assume.
“I am currently working with State officials and our legislative delegation to determine what options are available to Trumbull and how the CT General Assembly can help our residents,” said First Selectman Tesoro. “To that end, I have been in contact with multiple state leaders, including Lt. Governor Susan Bysiewicz, the Office of Policy and Management, State Senator Marilyn Moore, and State Representatives Dave Rutigliano, Laura Devlin, and Ben McGorty.”
“I am fighting for Trumbull taxpayers, and I am asking that our State Legislators do the same,” First Selectman Tesoro said.
First Selectman Tesoro will make updates available via all communications channels. Information will be posted here on the Trumbull Town website.