News Details

 

City of New Britain Announces Increase in Grand List

FOR IMMEDIATE RELEASE February 16, 2021

City of New Britain Announces Increase in Grand List

New Britain, CT – Mayor Erin Stewart and City Assessor Michael Konik announced today that the City of New Britain’s Grand List has shown a gross increase of 1.46%. The Grand List is an aggregate valuation of taxable property throughout the City of New Britain and is used to calculate the City’s tax rate. This is the eighth consecutive year of Grand List growth for the City of New Britain.

“This increase in our Grand List is positive news and proves that the hard work we are doing to attract new development is paying off,” said Mayor Erin Stewart. “New businesses are moving into our City while current businesses are expanding despite the pandemic because New Britain is a place where economic development and businesses can thrive.”

Mayor Stewart continued, “I have made economic development a top priority of my administration since day one and the proof is in the results. During my tenure as Mayor, we have maintained a stable and predictable tax climate for businesses, invested hundreds of thousands of dollars into marketing our community, and have established an open and direct line of communication between City Hall and our business community. I am proud that our continued commitment to growth is showing results.”

The total Grand List—consisting of real estate, personal property, and motor vehicles as of Oct. 1, 2020—had a gross value of $2,215,829,543—a gross increase of 1.46 percent, or $41,641,533 over the previous year.

Based on a mill rate of 50.50 for real estate and personal property and a mill rate of 45 for motor vehicles—along with a tax collection rate of 100 percent—the increase in the Grand List equates to a potential addition of approximately $1.46 million in new tax revenue for the 2021-2022 budget year, which starts on July 1st.

The addition of 166 new businesses to the City, and the City’s personal property audit program contributed to this increase.

New construction highlights to the 2020 Grand List include 11 properties with brand new construction and 7 partially completed ones; final construction of Columbus Commons, the partial completion of 222 Main Street’s 43 apartment units an mixed retail space, the completed Family Dollar located at 643 Farmington Ave, the ongoing remodel of 24 apartment units at 57 Court Street, and the conversion of offices to 20 apartment units at 132 Main Street. The Assessor’s Office performed 738 visits to properties regarding construction permits and 1,042 properties were inspected to either verify sales or to review property listings which ultimately produced an increase.

On the 2019 Grand List, the City’s Top 10 Taxpayers and their net taxable assessment are as follows:
1. Connecticut Light and Power (Utility) - $87,600,860
2. Pebblebrook Apartments LLC (Apartments) - $22,750,000
3. Connecticut Natural Gas Corporation (Utility) - $16,568,450
4. Stanley Black & Decker (Manufacturing) - $16,382,901
5. Corwest Plaza Power LLC (Retail) - $14,984,340
6. Jubilee Equities LLC (Apartments) - $13,770,731
7. Healthcare Portfolio III DST (Medical Offices) – $13,039,880
8. Corbin Pinnacle LLC (Apartments) - $10,654,630
9. NB-BTMC LLC (Retail) - $10,150,000
10. Paramount Plaza at New Brite LLC (Retail) - $10,150,000

The Grand List is used to calculate the City’s tax rate and corresponds to the tax bills that are payable beginning in July 2021.

Media Contact:
Rachel Zaniewski
Public Affairs Specialist, Office of Mayor Erin E. Stewart (860) 826-3302 rachel.zaniewski@newbritainct.gov

( View PDF )

Top