Stamford, like every other CT city / town, is required to reassess property values every 5 years. These assessments are aimed to be 70% of the fair market value of the property. Due to the COVID real estate bubble, house prices went way up the last few years.

Our assessment has been adjusted to 25% higher than the prior year, but that does not mean that property taxes are going up 25%. The Board of Finance sets the mill rate in May 2023. There will be an increase but it should not be that huge, especially since prices are likely to decline from these peaks given the change in mortgage interest rates.