NEW BRITAIN - The city‚Äôs Grand List increased by about 6 percent in 2017, marking a fourth straight year of tax-revenue growth.
After accounting for exemptions - including manufacturing equipment and programs for seniors, veterans and disabled people, among others - almost $149 million in new assessments was added to the city‚Äôs list of taxable property.
The increase far exceeds 2016‚Äôs 0.96 percent hike.
‚ÄúThis continued growth on our Grand List is a clear sign that businesses, homeowners and investors are encouraged by the progress we have made over the last few years and believe in the direction of our city,‚ÄĚ Mayor Erin Stewart said Wednesday.
The Grand List is used to calculate the city‚Äôs tax rate and corresponds to tax bills payable beginning this July. It includes the net taxable assessments of personal property, real estate and motor vehicles assessed as of Oct. 1, 2017.
The list consists of real estate, personal property and motor vehicles.
Real estate increased the most, jumping by 6.68 percent, or $136,724,813, the main factor being the state-mandated revaluation of the city‚Äôs 16,865 properties. According to the city, the completion of the America‚Äôs Food Basket store on Allen Street and the construction of 14 new apartment units at 475 Columbus Blvd. and 16 at 87 W. Main St. also contributed to the gain.
The personal property category increased by $7,038,083, or 3.85 percent.
This increase was due to businesses investing in new assets as well as new businesses coming to the city. Among such businesses were Alvarium Brewing Co., Back 9 Tavern, Makino Inc. and MicroCare.
The motor vehicle portion of the Grand List increased by 1.87 percent, or $5,171,380. Underlying factors were the addition of 217 vehicles to the tax rolls and a slight increase in the average passenger-vehicle assessment to $6,183.
‚ÄúNew businesses are opening up, existing manufacturers are investing in the future of their company right here in our community, and the real estate market is as active as it has been since the Recession,‚ÄĚ said Stewart.
New Britain‚Äôs top 10 taxpayers in 2017 and their net taxable assessment:
1. Connecticut Light and Power (utility) - $73,039,180
2. Stanley Black & Decker (manufacturing) - $27,179,831
3. Pebblebrook Apartments LLC (apartments) - $23,751,420
4. Jubilee Equities LLC (apartments) - $17,232,950
5. Inland Southeast New Britain LLC (retail) - $15,730,470
6. Connecticut Natural Gas Corporation (utility) - $15,010,710
7. Healthcare Portfolio III DST (medical offices) - $13,097,380
8. Paramount Plaza at New Brite LLC (retail) - $11,441,920
9. NB-BTMC LLC (retail) - $10,722,250
10. Webster Bank (bank) - $9,243,230
Skyler Frazer can be reached at 860-801-5087 or by email at firstname.lastname@example.org.