Gov.’s budget lets Conn. towns delay revaluation

HARTFORD, Conn. (AP) — Some Connecticut cities and towns struggling with low property values and foreclosures will get an opportunity to postpone their tax revaluation for two years under a proposal being offered by Gov. Dannel P. Malloy.

Under the plan unveiled Thursday, the delay would be available to municipalities scheduled to implement revaluation in fiscal year 2015.

Bridgeport Mayor William Finch welcomed the move, saying the “brief time out” would give time for the real estate market in his city to stabilize.

He said his city has an “extraordinary situation,” with two- and three-times more home foreclosures than any other Connecticut city that is due to revalue its tax base. While homes have been purchased for a fraction of what they used to be worth, he said the market starting to rebound.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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