Torrington phase-in (starting 2025)

The Torrington Board of Finance has voted to implement a 2 year phase-in beginning in July 2025 based on the 2024 grand list revaluation.

During the 2024 revaluation, the value of residential properties increased 95-125% and the value of commercial properties increased 40%. Because of the disparity in property value increases between residential and commercial properties, the new mil rate and assessed value must be phased in to prevent residential property owners from bearing almost 80% of the city's tax burden.

You can read more about the Board of Finance's decision in the attached document.

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: $200,000 - $100,000 = $100,000
2. Divide the difference by the number of years of the phase-in (2) to get the Phased-In Amount:
   Ex: $100,000 / 2 = $50,000
   
   
3. Add the phased-in amount to your current assessment to calculate the New Assessment Amount:
   Ex: $50,000 + $100,000 = $150,000
   
   
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 = $150,000
  • Year 2 = $200,000