Taxes are a reality in any town, and rarely do they go down. That said, the chances of taxes increasing should be only one factor to consider when buying your first home -- and in my opinion not the greatest factor. However, given what Cassandra has said, a wait-and-see might not be a bad idea.
Questions to consider. Does the community you are considering match your lifestyle? Do you have children (or are you planning to have children), and therefore do the schools match your expectations? What will the commute be like? Can the re-sale be in any way predicted?
And of course, have you checked prices and have you consulted with a mortgage specialist yet (since getting a mortgage is the single biggest factor especially for a first time buyer.
I wish you success in your quest.
BTW, OpSail is a tremendous New London event.
Click here for access to the MLS - http://www.mlsfinder.com/ct_gnhar/cassandraritone/index.cfm?