Tuesday, February 23, 2010

Grand List Stable

Note: this article as originally posted, had incorrect values for the projected tax. I have corrected the table below, see Correction for further explanation.
The city's grand list of October 1, 2009, rose by only 0.1% over a year earlier, to $3,506,962,608. The grand list is the sum of all taxable property in the city, largely consisting of real estate, personal property, and motor vehicles.

The 0.1% increase is less than the 0.7% increase of a year ago, reflecting a delayed effect of the recession on property values. Without any increase in the mill rate, the city would receive only $78,000 in added revenue from the 0.1% increase in property value. In June of last year, after appeals and adjustments, the grand list was reduced by approximately 0.1%, so ultimately the city may be able to count on no change at all in property tax revenue in the coming budget.
The top 10 taxpayers in the city remain Aetna, Pratt & Whitney, and CL&P; Kleen Energy is 5th. [According to the tax abatement discussed earlier, in the period between construction commencement and commercial operation, Kleen pays "the lesser of $1 million or the amount determined as if this Agreement were not in effect." If Kleen goes into commercial operation, the taxes as a percentage of its value would be dramatically lower.]

Below is the list of the top tax payers, their October 1, 2009 assessment, and the taxes they would pay in the coming fiscal year if the mill rate is not changed.

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

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