Sunday, June 21, 2009

Grand List Takes a Hit

In a letter dated June 16 city assessor Damon Braasch has informed the mayor, the Common Council and the city's finance director that the city can count on a loss of $134,283 in anticipated revenue.

A large percentage of that, $38,053 comes from adjustments made to the grand list because of the sale of Marino Crane to Barnhart Crane and Rigging. According to Braasch's letter:

The sale occured on September 28, 2008, prior to the October 1 assessment date. As a result all 255 motor vehicles ,which had been owned by Marino and registered in the City of Middletown, were transferred to Barnhart. Barnhart has relocated 99 of these vehicles, and registered them out of state resulting in the loss of $1,492,290 in assessed value. Of that total, approximately one-half is attributable to two cranes assessed at a total of $721,000.

Other adjustments to the Grand List came from certificate of corrections to property and motor vehicles which have been issued for "invalid personal property accounts and court stipulations."
These adjustements resulted in a reduction of $2,284,687 to the Grand List.

1 comment:

Anonymous said...

It sounds like that the equipment moved out of Middletown and the State might have been to avoid taxes. I am happy to hear this. Why should a buisness in Middletown pay taxes that they would not have to pay elsewhere. Buisnesses waste time and resources on this tax avoidance. We need competitive taxes not over taxation. I myself will relocate to Florida to avoid the rediculous taxes in CTLand.