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For most property owners in Norwalk’s 4th Taxing District, which encompasses the majority of the city, property taxes would rise about $245 to bring next year’s average tax bill to about $6,600, according to Finance Director Tom Hamilton.
The tax increase would help pay for the city’s 2013-14 spending plan of $309.4 million, which represents just over a 4 percent increase in spending over the current year.
Of the $309.4 million, the city expects to collect about $278.9 million in tax revenues, which includes more than $5 million in supplemental automobile taxes and back tax collection. The remaining $30.5 million will come from state and federal aid, departmental receipts (or fees), investment income, interest and penalties and a $1.7 million transfer from the Norwalk’s fund balance and other miscellaneous income.
The Board of Estimate & Taxation approved the final spending plan during a meeting Monday night. As is often the case, the board approved the budget before the state approved its final spending plan. Once the state approves its budget, the city will know how much state aid Norwalk will receive.
As it is, city officials are already bracing for the possibility of less state or federal money next year – about $1.2 million less – which could end up hurting Norwalk’s educational allocation, which currently sits at about $162.3 million for next year. The amount is an increase of about 4.4 percent over the 2012-13 education budget.
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