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Tax deferral to be considered for Savings Bank of Danbury office project

A committee of the Danbury City Council has been formed to look into a request by Savings Bank of Danbury for a tax deferral.  The bank is planning to build a $14-million office on Main Street at White Street.  The bank wants to pay taxes on the current assessment of the property, and then taxes on the increase in property value after 7 years.  The 4-story office building is planned for 4 properties, currently assessed at $40,000 annually.  The City sold the bank a piece of property Danbury owned, the former Tuxedo Junction nightclub, for the project. 

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