The City Council voted Monday night to lower Hartford’s tax rate slightly to 71.79 mills from 72.29 mills, a decline of less than 1 percent.
The new rate is effective immediately.
The mill rate is equivalent to $71.79 for every $1,000 of assessed property value.
A business with personal property assessed at $500,000 would save $250 on its annual tax bill.
Additionally, the average homeowner will see a tax reduction of about $27, while car owners will see $6 in savings, according to the city assessor.Â
The city’s revenue projections increased by $3 million, which is allowing for the reduction in the mill rate, officials said.
Hartford currently has one of the highest tax rates in Connecticut, an issue that has drawn the ire of the city’s business community.
Mayor Pedro E. Segarra hailed the tax cut.
“This action provides,” Segarra said in a statement Tuesday, “much needed tax relief for Hartford residents during these very difficult economic times, and demonstrates to small and large businesses alike that we are serious about making Hartford a more business-friendly community.”
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