Waterbury phase-in (starting 2023)

We are aware of a property tax phase-in for some properties in Waterbury that is affecting their assessed value for the 2023-2024 fiscal year.

Click here for more information on phase-ins.

If you are entering a listing that is within a town currently undergoing a phase-in, you must enter the phase-in tax and assessment amounts from the current tax bill in their respective fields:

Note: this issue only affects properties that saw an increase between their 2021 Grand List assessment and their 2022 Grand List assessment.

Beginning with with 2023-2024 fiscal year, the City of Waterbury is undergoing a property tax phase-in based on the 2022 re-assessment that is projected to be fully implemented in the 2026-2027 fiscal year. This process allows the city to phase-in all, or a portion, of real property assessment increases resulting from the 2022 revaluation over the next 4 years. 

Use the following steps to manually calculate your phase-in amount:

1. Subtract the old assessment from the new assessment to calculate the difference:
   Ex: $300,000 - $200,000 = $100,000
   
    
2. Divide the difference by the number of years of the phase-in (4) to get the Phased-In Amount:
   Ex: $100,000 / 4 = $25,000
   
    
3. Add the phased-in amount to your current assessment to calculate the New Assessment Amount:
   Ex: $25,000 + $200,000 = $225,000
   
    
4. Repeat step 3 for each year of the phase-in to calculate that year's new assessment amount.

Based on the example above, the phase-in assessments by year are:

• Year 1 = $225,000
• Year 2 = $250,000
• Year 3 = $275,000
• Year 4 = $300,000

This formula applies for all 4 years of the phase-in (unless there are changes made to the property).

During the 2023-2024 tax year, the estimated mil rate for the City of Waterbury will be 54.19. This mil rate will decrease each year until the 2026-2027 fiscal year, when the rate is projected to be 40 mils.

You can see the estimated mil rates for each tax year here: 

The Waterbury GIS look-up site is not factoring in the phase in for the affected properties. The assessment figure it is showing is based on the entire amount. You can search the Waterbury Assessor GIS look-up site here: https://www.propertyrecordcards.com/searchmaster.aspx?towncode=151

The tax bills that are sent to the homeowners, however, reflect the phase in and are accurate. The City of Waterbury has a site where you can view the most recent tax bill and view the phase-in tax amounts: 

https://www.mytaxbill.org/inet/bill/home.do?town=waterbury

You can learn more about Waterbury's phase-in on their Assessor's page: https://www.waterburyct.org/revaluationinfo