SOUTHINGTON - With expansions in commercial and industrial development, Town Manager Mark Sciota reported a more than $63.1 million increase to Southington’s Grand List.
“The effects of this growth will be experienced over the next few years,” said Sciota. “Exceptional gains with respect to real estate were either complete or in progress as of October 1 last year. When complete, this new construction will total over $20 million in assessed value. Also, the addition of new business personal property was strong, with, again, even more anticipated in 2018.”
The grand list increased from $3.9 billion in 2016 to $4 billion in 2017, an increase of $63.1 million, or 1.6 percent. Sciota said that this will translate to an additional $1.9 million in tax revenue for the town when applying the current rate.
Real estate values climbed from $3.3 million in 2016 to $3.4 million in 2017, increasing by 1.17 percent, or $39.5 million.
Personal property values jumped from $205.7 million in 2016 to $235.1 million, an increase of 14.25 percent ,or $29.3 million. Sciota said that such a significant in personal property values is “unprecedented.”
“Obviously the growth in personal property assessments goes hand-in-hand with the new commercial and real estate construction,” he said. “I also noticed existing businesses investing in new furniture, fixtures and equipment.”
Motor vehicle values, however, actually saw a slight decrease on the updated list. Motor vehicles were valued at $369.1 million in 2016 but dropped to $363.3 million in 2017. This represents a $5.7 million, or 1.56 percent, decrease.
“The decrease in the motor vehicle grand list was primarily due to a drop off in the number of new automobiles purchased during the last year,” said Sciota. “The National Automobile Dealers Association reported in Oct. 2017 that year-to-date sales were down 1.8 percent over the previous year.”
Southington’s Top 10 Taxpayers, according to the grand list:
1.Eversource - $108,892,781
2. Yankee Gas Services - $22,020,488
3. 45 Newell Street Associates (Yarde Metals) - $18,608,128
4.) Home Depot -$15,360,685
5. RK Southington (RK Queen Plaza) -$11,744,070
6. Execsouth KKF LLC (Lowes) - $11,430,432
7. Southington/Route 10 Associates (Shop Rite Plaza) - $11,383,400
8. Target Corporation -$10,700,804
9. Olson Muriel et al (Wal-Mart Plaza) - $9,318,330
10. Twinco Corp. - $8,548,782
Brian M. Johnson can be reached at 860-973-1806 or email@example.com.