Homeowners Steaming Over Property Revaluations

By Ilana Gold
|  Friday, Jan 11, 2013  |  Updated 10:46 PM EDT
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Homeowners in Waterbury were furious Friday after their homes went through revaluation for the first time in 5 years.

The numbers plummeted and values across the city were down 30 percent.

"This isn't fair," said Jesse Pacyna.  He just got a letter in the mail, that said the value of his home went down $80,000. 

"You're stuck, you can't do anything," he added.  If he wanted to sell the place, he would take a big hit.

"That's the sad part, you cant sell your home...you can't," Pacyna explained.

If property taxes in Waterbury would go down to reflect the new home values, the city wouldn't make enough money. 

The mill rate would likely go up, and if that happens, taxes could skyrocket.  "I'm furious, people in Waterbury can't afford to live in Waterbury," Pacyna said.  

Homeowners worried they wouldn't have extra money to spend, so the local economy might feel the impact.

"We do anticipate some pain, some agony, some frustration," Mayor Neil O'Leary admitted. 

He said tax hikes could be inevitable.  He said he was working on the budget and already asked all city departments to cut back, and hoped to ease some burden on taxpayers. 

"There are many options, but none will be without pain," Mayor O'Leary explained.

Taxpayers like Jesse Pacyna have planned to make big sacrifices, and learn how to live with less.

"You're underwater...everybody's underwater," he said. 

Businesses have also taken a hit, their values went down 20%.  The Mayor said he would decide on the mill rate at the end of March.

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