Grand List Is Up 1.7%

By Jan Howard

Newtown Assessor Denise Hames announced this week that the net Grand List compiled for October 1, 2003, shows an increase of 1.7 percent in the town’s taxable properties.

The grand list, a compilation of residential and commercial property, personal property, such as office furnishings and equipment, and motor vehicles, totals $2,844,710,761, which should produce an additional $1.1 million in revenue over last year.

The totals reflected in the net grand list were real estate, which includes residential, commercial, and industrial properties, $2,585,066,970; personal property, $71,370,783; and motor vehicles, $188,273,008. The assessed value is 70 percent of market value.

The grand list reflects about a $50 million increase in assessment values from last year, Ms Hames said. Included in the new grand list since last year are 150 new building lots and 280 new homes.

The net grand list is the difference between the gross assessments of $3,151,740,481 minus total exemptions of $307,029,720.

As of October, there were 38,333 accounts included in the grand list; 11,597 residential, commercial and industrial; 1,330 personal property; and 25,406 motor vehicles.

 Ms Hames said the $1.1 million in revenue is a good increase. “It’s an excellent increase,” she said.

First Selectman Herb Rosenthal agreed, though he said the grand list was not as high as he had hoped.

Last year, following the 2002 revaluation assessment, Newtown’s grand list jumped to a total of $2,795,791,870, a 52 percent increase over the 2001 grand list of $1,834,210,903.

The grand list can vary according to the economy. Newtown’s grand list increased steadily over the last ten years but not always at the same rate, depending on economic highs and lows.

Newtown’s grand list went up 2.7 percent in 1992, reaching $989 million, and 3.96 percent in 1993, when the town’s grand list hit $1 billion for the first time.

The grand list is the basis for tax revenues and is used to adjust the yearly tax rate in mills, which equal $1 in taxes for every $1,000 of assessed value. A final tax rate is determined following approval of the annual budget.