NOT CONSIDERING PHASE-IN, 2008 NEW HAVEN GRAND LIST REVENUES DECREASE BY NEARLY $3M
(2/3/2009) NEW HAVEN- New Havenís Grand List was certified Friday with final calculations announced today. The 2008 Grand List reflects an increase of $405 million in assessed value or 8.2 percent over 2007 largely resulting from the implementation of the third year of the 2006 property revaluation. If the mill rate remains steady at 42.21, the grand list will result in a $17 million increase in tax revenue for the City. However, were the City not experiencing a phase-in of the 2006 revaluation, the grand list would have dropped by $66.6 million, equivalent to $2.8 million in revenue.
The decreases in this grand list are primarily attributed to:
- A decrease in motor vehicle tax revenue of 2.2% compared to last yearís increase of 2.8 percent demonstrating a decrease in new car purchases by New Haven residents.
- A decrease in real estate values resulting from appeals of current values of $36.4 million and
- A $30 million shift of properties from the taxable grand list to tax exempt status.
Increases to the grand list are the result of:
- Expiration of previous tax deferrals
- Addition of new properties to taxable grand list including: Harbour Pointe, LLC; Ninth Square Project Limited; New Haven Plaza, LLC; Taft Intermediate, LLC and several others.
- On the Taxable portion of the Personal Property component, initiatives involved the revaluation and application of penalties to the habitual (historic) "no-files"; (these are accounts which continually fail to file declarations as required by law, but continue to pay the resultant tax liabilities). This initiative involved an increase of about $8.0 million and about 250 accounts.
- In-house audit of some accounts also produced assessment increases where assets were estimated to be un-reported or under-reported.
- some of the larger increase to the taxable Personal Property component included:
o Gateway Terminals
o PGX Health
o GE Capital
o United Illuminating
o various construction companies
o Hospitality 1157 Chapel (Colony Inn)
o St. Raphael Magnetic Resonance
The 2008 grand list demonstrates that the top ten tax payers in the City are:
1. Yale University
2. United Illuminating
3. PSEG Power Connecticut
6. WE George St. LLC
7. Ikea Property, Inc.
8. Bella Vista/Village Park
9. New Boston Long Wharf, LLC
10. Temple Street Assoc.
Achieving a grand list increase took significant efforts by the Cityís Department of Assessment where City agents took the time to revaluate some properties, closely monitor new construction activity and implement a modestly aggressive effort to discover scofflaws that under-report or fail to report taxable property.
While the grand list resulted in gains for the City, the City Assessor still faces a number of challenges as current market conditions have not only impacted property values but also affected new taxable activity that would have brought in much-needed dollars to the Cityís treasury. With residents and businesses not purchasing new vehicles or new machinery, the potential for grand list growth has been lessened.
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