REXCONNECT: PRESS & MEDIA
DESPITE CHALLENGING ECONOMIC CLIMATE, NEW HAVEN'S GRAND LIST GROWS BY 2.8%
CITY'S GRAND LIST GROWTH AMONGST THE LARGEST IN THE STATE
Jessica Mayorga, Director of Communications
NEW HAVEN - During his State of the City speech on Monday, Mayor John DeStefano, Jr. announced an increase of 2.8 percent in the City’s 2009 grand list as well as an increase of approximately 15 percent of tax exempt-eligible properties in the City.
“The completion of the 2009 Grand List reflects a vigorous effort on the part of the Assessment Department staff who labored hard to contribute toward this finished product,” said Assessor William O’Brien.
Taxable Real Property growth is attributable to a variety of factors including major new construction, various modest construction projects throughout the city, and an aggressive effort of discovery and valuation. Major taxable new construction projects included in the 2009 Grand List include: quality grade development at Science Park, the Yale New Haven Hospital area of Howe and Park Streets and hospitality projects on Whalley Avenue and Chapel Street. The taxable portion of the grand list’s Real Property component increased by $166 million. This is considered extremely favorable for any municipality over the past assessment year.
In an informal survey of other municipalities in the State, New Haven experienced the largest grand list growth. Other cities and towns faired as follows:
The Exempt portion of the Grand List also increased substantially. The 2009 Exempt portion of the Grand List is $4.86 billion as compared to the 2008 Grand List which was $4.36 billion, indicating an increase of nearly $500 million, or about 11.4%. The Colleges and Hospitals portion of the PILOT segment of the grand list increased by $359 million while the State-owned portion of this segment increased by $62.6 million. This was nearly all due to new construction at Yale University, Yale New Haven Hospital, Southern Connecticut State University and Connecticut Department of Transportation New Haven Rail facility.
Growth in the Personal Property component is nearly entirely attributable to Assessment Department initiatives. Had initiatives not occurred, the Personal Property component would have reflected substantial negative change. Analysis of existing accounts together with the detailed search of electronic files including Connecticut Secretary of State records, on-line business records, public data and other sources, produced the basis for new accounts and unreported existing businesses. The additional analysis of business records including occupied area, numbers of employees, comparable reporting and other factors formed the basis for valuation and revaluation.
The Department’s initiatives involving Personal Property totaled $36.7 million in newly discovered accounts, plus $45.8 million in additions to under-reported or omitted property, for a total of over $80 million.
The City’s Personal Property discovery effort yielded a net gain of 228 additional accounts. The 2008 Grand List included 3,486 Personal Property Accounts; the 2009 Grand List includes 3,714 accounts. 223 accounts were lost due to business closures, however, approximately 100 new businesses opened, and an additional 351 accounts were discovered (which had not previously reported), bringing total new accounts added to 451.
The Motor Vehicle component of the grand list rose slightly reaching about $5.4 in gross taxable value. Reductions in exemptions produced additional increases to the net taxable list resulting in a net increase of about $6.0 million.
In terms of numbers of accounts, Real Property and Motor Vehicles remained essentially unchanged. Personal Property accounts, however, showed a net positive change of 228 new accounts.
TOP 10 REAL & PERSONAL PROPERTY COMBINED ASSESSED
|2008 Rank||2009 Rank||Name||Real Assessment||PP Assessment||Total
|4||4||PSEG Power Connecticut||29,913,554||17,892,722||47,806,276|
|6||7||WE George St LLC||36,198,876||28,289||36,227,165|
|7||8||New Haven Towers||31,321,150||98,038||31,419,188|
|8||9||IKEA Property Inc||27,702,332||3,180,417||30,882,749|
|9||10||Bella Vista/ Village Park||30,501,926||151,747||30,653,673|