More Banks On The Green

Soon going downtown Milford will be a Bankers Paradise, this is because the old Harrison's Hardware store is being "eyed" by TD Bank North for their latest branch. They made their presentation before Zoning and Planning recently and of course, the very reaction from the board was "not good."

Most board members do not want the downtown Milford Landscape to be overwhelmed by banks. Should TD Bank prevail in its quest for Harrison's Hardware that would mark a Fifth large and imposing Bank in an area of about 100 Yards.

Currently, Downtown has a full size, Peoples, Webster, Bank of America, Milford Bank, and a Hudson United Bank. Then of course we have the added Mortgage Bankers to include a former Countrywide, (Now another BofA) and Personas Mortgage Co. I suppose a TD Bank added to the mix would certainly be hyping the dysfunctional landscape of Attorney's and Court Houses.

While some might be impervious to these economic anomalies, others are thankfully more aware and are wondering when the new creed for the Milford Business Association will read "Welcome to Downton Milford, a great place to Eat, Bank, & Sue Someone." I say this with sardonic humor, but all one has to do is look at who owns all the most valuable real estate on the Green and the answer is obvious. The type of downtown we build, and the kinds of businesses we nurture and encourage is a reflection on our community. If everyone loved Bankers and Lawyers we would be in great shape, however we try to cover that malaise with our Great Food establishments of which are packed with bankers and lawyers buying lunch with forclosure money and overdraft fees.

The first thing an outside visitor to Milford does is drive up and down the Town Green, and the nature of the businesses that reside on the Green are usually the first impression someone gets of our community. Restaurants are certainly nice but all the Banks and Legal Malaise are surely a disappointment and something to be concerned about.

Milford Now Dials (203) DPUC Makes Using The Telephone More Annoying

No your phone is not broken, the Department of Public Utility Control has just launched its new communications platform in preparation for two new Connecticut area codes.

When you go to use your phone and you dial your friends telephone number as you used to, expect to get a real annoying message asking you to dial their area code. This change is anticipation of the new system launching on December 12, 2009.

Connecticut's two new area codes will be 475 and 959. Anyone living in Fairfield and New Haven County will most likely get the 475 area code as their new regional designation.

Phil Dukes of the DPUC said "the additional codes were required because the number of phone numbers in the state is increasing exponentially. As recently as 15 years ago, the typical family might have had only one or two phone lines. Now, he said, with the proliferation of cell phones, fax machines and other technology, the one-line home is practically non existent."

Anyone with existing telephone numbers will not have their area code changed as was done under previous changes. "The new measure is deemed necessary to stop the tide of misdialed numbers" Duke said.

Anyone who has a home alarm system should call their provider and make sure that the new dialing rules are built in to their autodialers. Most companies may have already compensated for the change or may have a pre-programmed number, but for the safety of your family in the event of an emergency you should make sure your system is properly tested and working properly.

Anyone with questions regarding these changes should contact their local telephone company operator.

Milfords New Mill Rate Decreased To 28.23

Milford's Mil Rate was once 34.36 according to a 2005 George J. Smith assessment today that number has decreased to the above mentioned 28.23 Mill Rate. This figure is listed at the town website tax assessors link proving that conditions now exist that are pressuring the number downward.

Some have clamored that this is merely an election year ploy to make the incumbent leadership look good, while others believe that the 2005 assessments are not indicative of the true value of properties today. But to set the speculation and conjecture aside what is really going on is the Mill Rate is merely leveling out. While most experts could debate the actual growth of the grand list, one thing we all agree on is that mill rates decrease with increases in property values. This is why Connecticut's wealthiest towns like Greenwich, Darien, and Westport have recognizably low Mil Rates. (In most cases these are in the single digits.)

Milford's affluence appears to have grown, but not happily because with that image or "illusion" comes the unwelcome decrease in state funding to our schools creating the sore topic of an unfair cost sharing formula, but the good news is that average homeowners will be paying a little less taxes this coming year an average of 2.5% less.

Put down the champagne, because this is a Pyrrhic victory. The 2005 re-evaluation was done at the peak of the market only to be followed by a three year bust in real-estate that caused prices to stagnate and in some cases decline. Most residents on or near the water saw staggering 50%-100% property tax increases virtually overnight at the higher mil-rate, now perhaps the give back will render some desperately needed relief.

This decrease is very welcome but only because we have been taxed so excessively hard in the last couple of years due to the false reality of an inflated "bubble" real estate market. In my opinion this decrease falls short and is still slightly out of balance with true and accurate home values. By my personal calculations the mill rate should have been at 26.5. and not 28.23. (Estimate derived from chart above.)