FOR IMMEDIATE RELEASE:
January 31, 2018
NEW BRITAIN’S 2017 GRAND LIST INCREASES BY 6 PERCENT
NEW BRITAIN— Mayor Erin E. Stewart and City Assessor Michael Konik announced today that the City’s2017 Grand List has increased by 6.27 percent—adding $165,912,529 in new assessments to the City’s list oftaxable 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 areencouraged by the progress we have made over the last few years and believe in the direction of our City,” saidMayor Erin Stewart.
The total Grand List—consisting of real estate, personal property, and motor vehicles as of Oct. 1, 2017—had acombined net taxable value of $2,654,078,564. When accounting for $159,096,305 in exemptions, the GrandList increased by $148,934,276 or 5.95 percent for gross total of $2,813,174,869.
Exemptions are due to a state statute on manufacturing equipment, elderly, veterans, and disabled exemptionprograms, among others.
The City’s total Grand List has had growth over the last four years: the 2014 Grand List increased by 0.75percent 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 theCity’s 16,865 properties. Single family homes increased in value by 6.32 percent. The last revaluation wasperformed 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 2016average 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 theAmerica’s Food Basket on Allen Street; the construction of 14 new apartment units at 475 ColumbusBoulevard; and 16 new apartment units at 87 West Main St. Overall, the Assessor’s Office viewed nearly 600permits 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 herein our community, and the real estate market is as active as it has been since the Recession,” said MayorStewart.
The Personal Property category on the 2017 Grand List increased by $7,038,083 or 3.85 percent. This was dueto existing businesses investing in new assets along with the addition of new businesses to the City, such as theAlvarium 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 AllState 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 2016Grand List. Passenger vehicles increased in number by 217; while the average passenger vehicle assessmentslightly 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) - $27,179,831
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) - $9,243,230The Grand List is used to calculate the City’s tax rate and corresponds to the tax bills that are payablebeginning in July 2018.
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