FOR IMMEDIATE RELEASE:
February 1, 2017
NEW BRITAIN’S 2016 GRAND LIST INCREASES
NEW BRITAIN—Mayor Erin E. Stewart and City Assessor Michael Konik announced today that the City’s 2016 Grand List has increased by 0.96 percent—adding $23,708,422 in new assessments to the City’s list of taxable property. This is the third consecutive year that the Grand List has had positive growth.
The Oct. 1, 2016 Grand List increased by $31,384,733 or 1.20 percent over the 2015 Grand List; after accounting for exemptions, the net Grand List increased by $23,708,422 or 0.96 percent over the previous Grand List. The total Oct. 1, 2016 Grand List amounts to $2,505,144,288.
The City’s Grand List has had growth over the last three years: the 2014 Grand List increased by 0.75 percent and 0.79 percent in 2015.
“The steady growth we are seeing on our Grand List is reflective of the improved economic climate in our City. We are adding businesses of all sizes, employment is up, and existing businesses are making investments to expand and better meet the needs of their customers,” said Mayor Stewart.
On the Grand List, personal property increased the most of the three property lists, increasing by 5.56 percent with the addition of $9,619,289 in personal property. Existing businesses investing in new assets, along with new businesses added to this increase. The major increases in this category included Stanley Black and Decker, Inc. ($4,261,480), Connecticut Light and Power ($3,285,300), and Costco ($1,842,990.)
Motor vehicles increased by 3.28 percent, or $8,774,707. According to the Assessor’s Office, the average vehicle assessment remained steady at $6,162.
The real estate portion of the Grand List increased by 0.26 percent or $5,314,426. The largest increase in this category was due to the expansion by the Crystal Ballroom on Farmington Avenue, which added $1,299,620 in assessment value to the Grand List. The completion of the Dollar General on Arch Street added an additional $305,970 in taxable property to the Grand List.
The Grand List includes the net taxable assessments of motor vehicles, personal property, and real estate that were assessed as of Oct. 1, 2016. It is used to calculate the city’s tax rate and corresponds to the tax bills that are payable beginning in July 2017.