The New London City Council will hold a public hearing next week on its proposed property tax levy for the upcoming fiscal year.
The hearing is scheduled for April 13th at 6:00 p.m. at the City Office on West Main Street. Residents will have the opportunity to voice support or concerns before the levy is finalized.
According to the proposal, the city’s regular property tax rate would decrease slightly, dropping from about 13.11 to 12.56 per $1,000 of taxable value.
For homeowners, that translates to a small reduction. A home valued at around $100,000 would see city property taxes drop from approximately $622 to $615 per year — a decrease of about seven dollars.
However, the picture looks different for commercial property owners. Taxes on a $300,000 commercial property are projected to increase by more than six percent, rising from about $2,703 to $2,874 annually.
Despite the lower tax rate, the city’s overall taxable valuation has increased, meaning total property tax revenue is expected to remain relatively stable.
City officials cite rising wage costs and higher liability insurance expenses as the primary reasons behind the levy adjustments.
The proposed levy does not include debt service taxes, and most categories remain unchanged, though shifts in employee-related expenses and insurance costs are reflected in the proposal.
Residents who wish to comment on the proposed levy are encouraged to attend the public hearing before the city moves forward with its final budget process.