Earlier today I published the top ten grand list, with a mistake in the calculation for what the tax would be, a corrected table is below.
Property owners are charged a tax on 70% of the assessed value of their property. The "Assessment" in the table, is AFTER that 70% has already been calculated. Thus, the tax which property owners would pay (if the mill rate does not increase) is about 1/3 higher than I had in the earlier post.
The tax paid by the Kleen Energy is more complicated because of the 2003 tax deal.
|Taxpayer||Assessment||tax if NO mill rate increase|
|1) Aetna Life (Including lessor’s)||Insurance||$216,341,550||$5,516,710|
|2) United Technologies||Manufacturing||$144,349,820||$3,680,920|
|3) Connecticut Light & Power||Utility||$67,639,270||$1,724,801|
|4) Middletown Power LLC||Utility||$45,332,710||$1,155,984|
|5) Kleen Energy Systems LLC||Utility||$44,997,740||It is complicated|
|6) Northwood Apt Assoc LLC||Apartments||$23,619,040||$602,286|
|7) Chestnut Hill Apt Assoc LLC||Apartments||$21,765,650||$555,024|
|8) Fairfield Midtown Brook LP||Apartments||$21,609,110||$551,032|
|9) Fairfield Midtown Ridge LP||Apartments||$21,337,320||$544,102|
|10) New Boston Windshire||Apartments||$17,959,480||$457,967|
Kleen Energy and Property Tax
According to Damon Braasch, Assessor for the City, the agreement with Kleen Energy is for Payment in Lieu of Taxes (PILOT), specifically on the power plant. Other parcels of land, and a water plant, are not part of the PILOT agreement.
The assessment given above includes all of the Kleen Energy property. Braasch said that the assessed value of the plant itself (on October 1) was $40.9M, this would normally generate a tax of $1.04M. However, since the agreement calls for "the lesser of $1 million or the amount determined as if this Agreement were not in effect," the tax will be $1M. Kleen will pay a normal tax rate on the remaining $4.1M assessment, about $100,000.
Just to make things even more complicated, property owners also pay tax to one of the three fire districts. As there is no apparent agreement with the South Fire District, Kleen would pay full fire taxes on the entire assessment. A couple of years ago the South District mill rate was 3.4, this would yield about $150,000 in taxes from Kleen Energy for the South District.