Winter storm warning: The National Weather Service has posted a Winter Storm Warning for parts of the state Wednesday morning through Thursday morning.  Stay with WTIC NewsTalk 1080 for the latest forecast, and for traffic problems resulting from the weather. Read More

Local News

Waterbury Business Property Values Down 20%

View Comments

WATERBURY, Conn. (AP) _ The market value of the average business property in Waterbury has plunged 20 percent in five years and the grand value of all businesses also has dropped by one-fifth.

 The Republican-American reports  that the value of the average business has fallen to $671,403, from $841,357 in 2007. The grand total value of all business properties in the city is nearly $1.8 billion, down from $2.2 billion in 2007.

City Assessor David Dietsch says that when the real estate bubble burst, it dragged down the fair market values of everything, including commercial and industrial property.

Mayor Neil O’Leary is under pressure to avoid raising property taxes to make up for the lost revenue as he seeks to attract new business. He says he has not yet discussed the property value data with city finance officials.
___
Information from: Republican-American, http://www.rep-am.com

(© Copyright 2012 The Associated Press. All Rights Reserved. )

View Comments
blog comments powered by Disqus
Follow

Get every new post delivered to your Inbox.

Join 882 other followers