Maturo to Recommend Tax Decrease for Upcoming Fiscal Year

Mayor Joseph Maturo, Jr., announced today that he will be recommending a half-mill tax decrease for the upcoming 2015-16 budget.

Maturo’s recommendation comes based off a multi-million dollar reduction in East Haven’s debt and the 2013-14 fiscal year audit, which is expected show a surplus. According to information released by the Town, Maturo’s recommendation of a half-mill tax reduction would signal the largest tax decrease for East Haven residents on a non-revaluation year since 1989.

“With three straight surpluses under our belts since 2011 and with the Town’s rainy day fund approaching its highest level since 2007, we are in a position to reward taxpayers for their patience and trust,” Maturo said in a press release.

The largest non-revaluation tax reduction since 1989 was .25 mills, Maturo’s recommended tax reduction represents double that figure, or a 1.5% decrease from last year.

“This tax reduction will apply across the board, to every home, vehicle, and piece of personal property currently being taxed. The average East Haven home can expect a reduction of $101 dollars in real estate taxes alone, not including the valuable reduction in motor vehicle taxes that all residents will enjoy. Businesses will enjoy valuable savings on all of their personal property that is currently being taxed,” Maturo said in a press release.

By 2017, the town’s debt payments are expected to drop by $2.6 million or 37.8 percent. As a result, Maturo will be recommending an aggressive capital improvement program for the upcoming budget to renovate fields and existing buildings and expand the array of services currently offered to residents.

Maturo said he is confident that because of the community’s efforts residents can anticipate a stable and bright future.

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