Listeners Club

Forgot Password

Not a Member? Sign up here!


Local Headlines

City considers tax deferral for Savings Bank of Danbury office project

A Danbury City Council Committee is recommending that the full Council approve a deferral of the increase in tax assessment for Saving Bank of Danbury's proposed new Main Street building.  This would be subject to construction application approval.  Councilman Duane Perkins is concerned that the replacement building reduces entertainment possibilities in the downtown dining and entertainment district.  The office would replace the Escape to the Arts building and formerly city-owned Tuxedo Junction building.  Tax Assessor Donna Murphy explained to the Committee that the current tax dollars collected on the property and the buildings is $9,000 a year.  She says its so low because of exemptions for the City and the YMCA.  Based on the 2017 revaluation, because the 2022 reval isn't don't yet, SBD will be charged $18,989 on the land.  The real estate taxes are being abated, but there are things inside the building that could be taxed during the deferral years.  The bank has proposed construction of a new, 35,000 square foot 4-story office building at the corner of Main and White Streets.  The new building will house the bank’s non-branch, back office operations.  Savings Bank of Danbury is the oldest continuously operating business in the City, dating back to 1849. The last significant building project in Danbury for the bank was in 1999 with the construction of their location at 35 West Street.