Greg Servodidio Quoted in Westfair Business Journal on Fairfield County Property Tax Revaluations

Pullman & Comley Property Tax and Valuation Chair, Gregory F. Servodidio, CRE, was quoted in the Westfair Business Journal article, “For FC Homeowners, Tax Burden Shift a Real Worry This Year,” outlining how recent municipal revaluations across Fairfield County are disproportionately increasing assessed values for residential property owners. The article examines revaluation notices issued in Bridgeport, Fairfield, Greenwich, Westport, Shelton, and Stratford, noting that dramatic increases in home values since the pandemic are shifting a greater share of the overall tax burden onto homeowners, while commercial property values have largely stagnated.

Greg explained that the divergence between residential and commercial assessments reflects fundamental market realities following the pandemic. “The values are supposed to be reflective of fair market value,” he told Westfair Business Journal. “The short answer is that when you study the market, certain types of properties are increasing more significantly in value.” He further noted that commercial properties have faced ongoing challenges, particularly in the office sector, adding, “People working from home has diminished the demand for office space. You are seeing that play out on the commercial side. Even some hotels have struggled to fill rooms and are being repurposed into housing.”

To read the full Westfair Business Journal article, please visit www.westonline.com.