Bridgeport will realize about $5.5
million in revenues from last
week's tax lien sale, according to a
city official.
Following paid legal advertising
beginning in April, the city settled
1,069 delinquent tax claims and
netted approximately $2.5 million in
cash. Additionally, 340 taxpayers
made down payments on delinquent
taxes totaling more than $718,000.
Almost $400,000 was gained by
selling 55 properties to the highest
bidders and more than $2 million
more in liens were settled by
negotiating a payment schedule with the
owners.
"Bridgeport has demonstrated
once again that this method of
dealing with delinquent taxes works and
can be effectively applied by almost
all cities in Connecticut," said
Mayor Joseph P. Ganim.
The sale is just the latest method
employed by Ganim to help the city
work out of its financial mess.
When he took office in January
1992, Ganim faced an $18.6 million
operating deficit and the looming
specter of municipal bankruptcy.
But by holding four tax lien sales,
receiving an increase in state aid, and
placing tighter controls on the
budget, Bridgeport this year will mark its
second straight balanced budget
without a tax increase under Ganim.
Last month, the city council and
the state-appointed Bridgeport
Financial Review Board approved the
mayor's budget.
