City Grand List Increases By 6 Percent

By at February 1, 2018 | 2:30 pm | Print

grand-list

The 2017 Grand List is in and it is a good sign for the City.

Mayor Erin E. Stewart and City Assessor Michael Konik announced Wednesday that the City’s 2017 Grand List has increased by 6.27 percent. About $165,912,500 was added in new assessments to the City’s list of taxable property. This is the fourth consecutive year that the Grand List has had positive growth.

“This continued growth on our Grand List is a clear sign that businesses, homeowners, and investors are encouraged by the progress we have made over the last few years and believe in the direction of our City,” said Mayor Erin Stewart.

The total Grand List consists of real estate, personal property, and motor vehicles as of Oct. 1, 2017. It had a combined net taxable value of $2,654,078,564. When accounting for $159,096,305 in exemptions, the Grand List increased by $148,934,276 or 5.95 percent for gross total of $2,813,174,869.

Exemptions were said to be due to a state statute on manufacturing equipment, elderly, veterans, and disabled exemption programs, among others.

The City’s total Grand List has had growth over the last four years: the 2014 Grand List increased by 0.75 percent over the previous year; 0.79 percent in 2015; and 0.96 percent in 2016.

On the Grand List, Real Estate increased the most of the three property lists, increasing by 6.68 percent or $136,724,813. The reason for the change was due to the City performing a state mandated revaluation of the City’s 16,865 properties. Single family homes increased in value by 6.32 percent. The last revaluation was performed for the Oct. 1, 2012 Grand List.

Under the revaluation:

  • Residential as a whole (one to four family homes and condominiums) increased in value over the 2016 average assessment by 5.11 percent
  • Condos decreased 6.73 percent
  • Commercial increased by 10.08 percent
  • Industrial increased by 6.93 percent
  • Apartment buildings with 9 or more units increased by 17.88 percent
  • Vacant commercial and industrial land increased by 10.66 percent
  • Residential land increased in assessment value by 2.48 percent
  • Single family homes increased in value by 6.32 percent

Also adding to the increase in value on the Real Estate portion of the 2017 Grand List was the completion of the America’s Food Basket on Allen St.; the construction of 14 new apartment units at 475 Columbus Blvd; and 16 new apartment units at 87 West Main St.

Overall, the Assessor’s Office viewed nearly 600 permits due to new construction or improvement work at various properties throughout the City for the Oct. 1, 2017 Grand List.

“New businesses are opening up, existing manufacturers are investing in the future of their company right here in our community, and the real estate market is as active as it has been since the recession,” said Mayor Stewart.

In 2016, increases were due to the expansion by the Crystal Ballroom on Farmington Ave. and the completion of the Dollar General on Arch St.

In 2015, increases in the Grand List were attributable to investments made by Stanley Black and Decker, the addition of Noble Gas and Frisbie’s Dairy Barn on Farmington Ave. and the addition of Costco.

The Personal Property category on the 2017 Grand List increased by $7,038,083 or 3.85 percent. This was due to existing businesses investing in new assets along with the addition of new businesses to the City, such as the Alvarium Brewing Co., and the Back 9 Tavern, Makino Inc., and an expansion at MicroCare, and others.

Some of the largest increases in assessment on the personal property portion were reported by Stanley Black & Decker ($3,917,410), Connecticut Light & Power ($3,219,290), Connecticut Natural Gas ($766,070), and All State Landscape Services LLC ($737,890.)

Lastly, the Motor Vehicle portion of the Grand List increased by 1.87 percent or $5,171,380 over the 2016 Grand List. Passenger vehicles increased in number by 217; while the average passenger vehicle assessment slightly increased to $6,183.

On the 2017 Grand List, the City’s Top 10 Taxpayers and their net taxable assessment are as follows:

  1. Connecticut Light and Power (Utility) – $73,039,180
  2. Stanley Black & Decker (Manufacturing) – $27,179,83
  3. Pebblebrook Apartments LLC (Apartments) – $23,751,420
  4. Jubilee Equities LLC (Apartments) – $17,232,950
  5. Inland Southeast New Britain LLC (Retail) – $15,730,470
  6. Connecticut Natural Gas Corporation (Utility) – $15,010,710
  7. Healthcare Portfolio III DST (Medical Offices) – $13,097,380
  8. Paramount Plaza at New Brite LLC (Retail) – $11,441,920
  9. NB-BTMC LLC (Retail) – $10,722,250
  10. Webster Bank (Bnak) – $9,243,230

The Grand List is used to calculate the City’s tax rate and corresponds to the tax bills that are payable beginning in July 2018.

 

.News Feature

Related Posts

Leave a Reply

You must be logged in to post a comment.