Hartford's Mayor Seeks Property Reval Delay

0:00It's April 6th. You're listening to Hartford News today. AI-powered local news. I'm Cory with the story. Hartford's mayor, Arunan Arulampalam, is pushing state lawmakers to let the city delay its next property revaluation by one year. He warns that without it, falling office building values and climbing home prices could slam residents with a bigger tax share since commercial. Properties have long carried more of the load. The city's office market is hurting back from hybrid-work trends, with a 31.9% vacancy rate across millions of square feet. Downtown. Meanwhile, median home prices jump nearly 30% since the last revow, from $188,500 to $230,000. State holders are split on the idea. Some commercial owners worry about unfair assessments, but note they've won appeals before, like slashing one building's value from 55. $77 million to $48 million.

1:00Business leaders say it buys time to plan, though one year might not flip the market much. The city is already prepping, stashing $7.3 million from a surplus to cover tax shortfalls. They're chasing housing growth too, aiming for thousands of new units through office conversions, lot developments, and a $50 million state. Grant for rundown properties. A big vision committee with Top execs is mapping revitalization, eyeing 10,000 more downtown residents to boost the economy. If the bill clears the full legislature and city council, taxes update in October 2027, giving everyone breathing room to balance the scales.