Realtors warn governor's budget plan could hurt sales

Gov. Dannel Malloy's budget proposal calls for cuts to cities and towns, which could cause a spike in property taxes.

Gov. Dannel Malloy's budget proposal calls for cuts to cities and towns, which could cause a spike in property taxes. (4/13/16)

BRIDGEPORT - Gov. Dannel Malloy's plan to close the state's budget shortfall this year could lead to a spike in property taxes in southwestern Connecticut, according to local realtors.

The governor's administration is faced with an almost billion-dollar gap in the state budget. Malloy wants to cut payments to cities and towns, a plan that has local realtors worried for the housing market.

Charles Scott, of Tri-State Realty, says homeowners in areas like Bridgeport already pay some of the highest property taxes in the state. He says taxes may get worse under the governor's proposal. Scott and other realtors say if property taxes go up, it will play a role in whether people choose to purchase a home in Connecticut.

Malloy says his administration has no choice but to make the cuts. "Our expectations need to change," says Malloy. "We cannot afford to fund everything as we have in the past."

Experts say that houses are currently selling, but often at lower prices. They say part of the reason is due to rising taxes.

advertisement | advertise on News 12

Trending Video

1 VIDEO: News conference from Monmouth County Prosecutor's Office
Steven Matz, of East Setauket, brought his family 2 LI native Steven Matz takes mound in Game 4
3 VIDEO: Students get crash course on disaster preparedness
Pizza Co Pizza Station is in a vintage 4 New pizzeria opens in Stamford
Police Chief Leon Krolikowski was concerned there might 5 New Canaan resumes gun permits

advertisement | advertise on News 12

More News

Malloy said that approximately 2,500 total job cuts Gov. Malloy proposes new round of deep cuts

Gov. Dannel Malloy's administration sent out an additional 71 layoff notices to state employees Tuesday,

Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.

LOGIN SUBSCRIBE