Hartford taxpayers will be looking on with great interest Monday as Mayor Pedro E. Segarra unveils his proposed budget for the 2012-13 fiscal year that will need to close a nearly $60 million deficit.
Segarra will be holding a 2:30 p.m. press conference at City Hall to announce his one-year spending plan.
The mayor, who is in his first full term, must offer a cure to the city's ailing budget, which is projecting to be in the red next year partly due to the recent elimination of a surcharge on commercial properties and a revaluation that found many commercial and residential properties lost significant value over the last five years.
Commercial property owners, who saw some tax relief in 2011, are concerned about a potential increase in the city's tax rate, which is already among the highest in the state at 71.79 mills, or $71.79 in taxes for every $1,000 of assessed value.
Meanwhile, the nonprofit community is bracing for a new payment in lieu of taxes program city officials have been discussing that would ask tax-exempt organizations to voluntarily make payments to the city.