Bridgeport, CT – Today, Mayor Ganim, with the strong support of members of the Bridgeport City Council, announced a plan to expand tax relief for low to moderate income seniors in our city. Building on his expansion of tax relief a few years ago, Mayor Ganim has sent to the City Council a tax plan that will both expand the income eligibility levels for seniors to participate in the program as well as increase the amount of the tax relief that eligible seniors will receive. 

Mayor Ganim has proposed this tax relief plan to address the extremely high inflation and cost of living increases that we have experienced in recent years. This senior tax relief program will provide targeted relief to many who are on fixed incomes and need the aid the most, especially those seniors impacted by the city’s last revaluation. Mayor Ganim has proposed this tax plan now so that the City Council has sufficient time to act on the ordinance and budget the tax cut in time for next fiscal year’s budget. 

The newly proposed three-tiered senior tax cut program will provide tax relief in the amount of $1,500 for eligible seniors making a household income of between $1 and $30,000; $1,000 for household income between $30,001 and $50,000; and $500 for household income of $50,001 and $75,000. Under these new parameters, the City of Bridgeport is expected to provide over $2 million of targeted tax relief to seniors.

The Mayor’s senior tax relief proposal has been sent to the City Council for referral to the Ordinance Committee. In addition to expanding the income eligibility levels and the amount of relief, the Mayor’s proposed ordinance amendment also eliminates the cap on the total amount of aid for the program, such that all are eligible.

This expansion of tax relief, and the resulting impact on the budget, is made possible by the fact that Mayor Ganim and the City Council have demonstrated strong fiscal management, including balanced budgets, credit rating increases, and holding the line on property taxes. 

“Many seniors around the city have shared with me the challenges of being on a fixed income,” stated Mayor Ganim. “I have proposed this tax plan to the City Council to address the needs of our most vulnerable taxpayers, especially at a time when inflation and the cost of living have impacted our residents financially. My plan proposes tax relief that is targeted and directed at those who need relief the most.”

“The Mayor and I agree that our seniors on fixed incomes are a priority, and this senior tax relief will go where it is needed the most,” stated Council President Aidee Nieves. “I am sure that this proposal will receive broad-based support from the City Council.” 

“As a Co-Chair of the Budget and Appropriations Committee, I stand in full support of this proposal,” stated Councilman Ernest Newton. “Seniors in my district and around the city are hurting. The Mayor’s proposed tax plan provides relief that is targeted to the people who need it the most.”