Here's Some Good Economic News For Naugatuck Residents

NAUGATUCK, CT — Here's some good economic news for Naugatuck residents. At a recent Board of Mayor and Burgesses meeting, Mayor Pete Hess said that the fall real property sales offered some hope that help in reducing the tax rate is on its way.

He said there was a "dramatic increase in real property values over the assessed values from 2018. Since COVID, there is a 20 percent increase in property values. There are three major projects the borough is working on; the downtown TOD project, the Uniroyal/Lanxess property and the Rubber Avenue project which has eight properties that will be added to the Grand List."

And the key words, all local residents want to hear from Hess are: "These projects will reduce the mill rate and more importantly reduce the tax burden over time."

He also shared that the borough recently refinanced some 2014 bonds and finished closing out the high school building project. This will save the borough $1.24 million in budgetary savings, the mayor reported, or $90,000 annually.