NAUGATUCK — Real estate values in the borough have dropped 26 percent in the last five years, representatives from Tyler Technologies said Tuesday to the Board of Mayor and Burgesses.
The company and Assessor George Hlavacek presented the results of the borough-wide revaluation, which took up most of this year as property sales were analyzed, owners completed surveys and hundreds of inspections were conducted.
The value of all commercial, industrial, residential and utility properties, not including exempt properties, dropped from $1.8 billion to $1.3 billion, according to the company's presentation. Residential property values plunged about 29 percent, utility property values dropped almost 20 percent, industrial property values dropped almost 19 percent and commercial values dropped almost 4 percent.
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