Business property values plunge in Waterbury - CBS 5 - KPHO

Business property values plunge in Waterbury

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WATERBURY, CT (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.

Copyright 2012 The Associated Press. All rights reserved.

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