Why Your Property Tax Bill Increased So Much
- 1 day ago
- 2 min read
When Greenwich residents opened their property tax bills for the fiscal year starting July 1, 2026, the average homeowner faced an unprecedented 8% increase. For many, the reality was even worse, with tax hikes climbing into the double digits.
GreenwichWise previously warned about this impending price shock. Now it's officially here.
To explain the spike, David Weisbrod, the Democratic Chair of the Board of Estimate and Taxation (BET), penned an editorial outlining the drivers behind this historic surge under his leadership.
The Drivers Behind the Surge
According to Weisbrod, the historic property tax increase boils down to two main factors:
The 5-Year Revaluation Shift: The natural redistribution of tax burdens resulting from the town's latest property revaluations.
Aggressive Budget Hikes: Major spending increases framed as "investing in our community" to upgrade schools, town facilities, and infrastructure.
Where are the Financial Controls?
While Weisbrod praised the "transparent, bipartisan process" that yielded this expensive outcome, taxpayers are asking harder questions.
"Investing in our community" sounds good on paper, but local property owners facing steep bills are left wondering why budget increases under this current BET are suddenly so much larger than in years past. Where is the fiscal discipline?
Court Challenges: Will Greenwich Taxpayers Pick Up Even More?
The pain may not stop with the initial bill. The GreenwichTime reported that seven plaintiffs holding multi-million dollar property portfolios are taking the town to court to contest their assessments. If these commercial and high-end residential owners successfully lower their valuations, the rest of Greenwich's taxpayers will have to pick up the slack.
W.R. Berkley Corporation: Contesting a $13.9 million assessment, claiming it is "grossly excessive, disproportionate, and unlawful."
Atlas Holdings: Seeking a reduction on a commercial property at 10 Mason Street, currently assessed at $20.9 million.
Greenwich Avenue Retail: Two properties are fighting their valuations—a retail building at 353 Greenwich Avenue ($2.1 million) and a restaurant building at 372 Greenwich Avenue ($4.2 million).
Residential properties: $13.8 million home at 451 Guards Road, a $6.29 million home at 34 Midwood Road, and a $3.7 million one-acre parcel at 501 Field Point Road in Belle Haven.
Between the Lines: This leaves Greenwich at a critical crossroads. Where do we draw the line between pushing through an ambitious wishlist of expensive town projects and respecting the financial reality of the property owners who have to fund them?