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 Oct. 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 mill rate.
Real Estate values climbed from $3.3 million in 2016 to $3.4 million in 2017, increasing by a total of 1.17 percent or $39.5 million.
Personal property values soared 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 with the updated grand list. Motor vehicles were valued at $369.1 million in 2016 and dropped to $363.3 million in 2017. This represents a $5.7 million or 1.56 percent decrease. Sciota said that this may be due to a national trend of declining motor vehicle sales.
“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 (Connecticut Light & Power) - $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 Corporation - $8,548,782
Brian M. Johnson can be reached at 860-973-1806 or firstname.lastname@example.org.