Grand List grows 16.71 percent, net new growth up 2.7 percent, testament to strong economic development initiatives
(2/6/2012) The 2011 Grand List was certified January 31, representing a 16.71 percent increase or $860,854,588 in the net grand list over 2010. While the majority of the change can be attributed to the effects of property revaluation, approximately $139 million of that growth has been identified as net new growth, a testament to the City’s strong economic development initiatives. When just considering net new growth, the grand list increased 2.7 percent, again outpacing other Connecticut municipalities that experienced relatively flat growth or declines. If applying the 2010 mill rate of 43.9, that net new growth would generate more than $6 million in new tax revenue.
The majority of new growth is attributable to personal property growth, with the two most substantial increases related to the PSEG’s peaking power plant on Waterfront Street and United Illuminating’s modernization of the Grand Avenue switching station and the Union Avenue substation. PSEG’s project added $39,751,951 to the Grand List. United Illuminating’s personal property assessment increased by nearly $59 million.
“Last year, New Haven experienced the strongest Grand List growth in the state at 2.97 percent. New Haven continued to experience strong growth again this year, yet another indicator that the City’s economic development initiatives are succeeding,” Mayor John DeStefano said.
Approximately $722 million of the net increase is attributable to property revaluation. Of the 20,855 residential properties in New Haven, 46 percent increased in value in the latest revaluation, while 54 percent decreased. When considering only owner-occupied residential properties, 49 percent increased while 51 percent decreased. While more properties decreased in value, the size of the increases outpaced the size of the decreases.
“I have no intention of seeking any delay from the state legislature in the implementation of property revaluation, however it makes sense to consider whether there are any responsible steps to be taken to mitigate some of revaluation’s more significant impacts,” Mayor John DeStefano said.
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