Be ready for a call from your bank wanting more money in your tax escrow. An almost 5 point increase in Mill Rate will most likely effect your mortgage payment. If you own a more moderate home it will affect you more. Recently I was going over the new mill rate for a client purchase and then checked on their current home and finally checked my own. A condo with a new assessment of $131,100 dropping almost $50,000 has a new tax rate less than the previous assessment. A Home with a previous assessment or $314,000 has a new assessment of about $268,000. This shows a modest increase of around $300. Now to the more median priced home. The old assessment of #183,000 and the new assessed value only dropping to $176,000 Will show the largest increase of over $700. The Town of South Windsor, and the assessor’s office are putting the majority of the tax increase on the median priced homes owner. Condos priced like a median home seem to be given a break, while more expensive homes also don’t seem to be sharing equally in the new tax burden.
Bottom line if your assessment didn’t change that much from the previous one Your escrow will most likely be falling short. I would like to see the town put on the spot for this very unfair tax burden.
