The New Canaan real estate property revaluation has raised the value of condominiums by an average of 9 percent, counter to the town-wide Grand List decline of 7 percent. This 16 percent delta, plus an anticipated mill rate increase, will surely increase property taxes on condos by 20 to 25 percent.
Condos are owned by seniors. At Prides Crossing, more than 90 percent of units are owned by residents older than 65, and 50 percent are single. The revaluation will increases the monthly (tax) carrying cost by at least $200 per month for our smallest unit.
In the condo market, monthly increases in expenses directly correlate to lower market sales and values. So, the effect of the revaluation will be more tax revenue for the Town of New Canaan and reduced home equity for condo owners.
This is a very nasty, targeted, aggressive abuse of New Canaan’s seniors. I hope it is an unintentional oversight that will be corrected, rather than a calculated political maneuver.
If the condo revaluation stands, it could change the long term demographic profile of New Canaan. And, that would be sad.
Prides Crossing HOA