Plymouth's tax list is down $26M

Published on Wednesday, 1 March 2017 20:28
Written by SUSAN CORICA

STAFF WRITER

PLYMOUTH - In the wake of the recent property revaluation, the town’s grand list for 2016 is down by almost $26 million.

The grand list details the total taxable property in the community as of Oct. 1, 2016. The grand list helps determine what the town’s tax rate will be once the 2017-18 town budget has been determined.

The net total overall is now $741.14 million.

The release of the grand list was delayed about a month. Assessor Rae Ann Walcott said she filed for an extension because she was waiting for the revaluation to finish.

Revaluation is the process for periodically measuring changes in property values. The value is a property’s resale or fair market value, which changes over time. By law, towns must assess property for 70 percent of fair market value.

Walcott said the real estate market is down so the grand list reduction was expected.

However, Gen Realty LLC, located at 8 Bombard Court, came back on the grand list after receiving 100 percent tax abatements from the town for two years. Walcott said by next year a number of local companies that have received full or partial tax abatements as incentives to move to town or expand their operations will be paying full taxes.

The decline is entirely in the real estate portion of the grand list. The net total of taxable real estate is now $625.23 million down $28.39 million from 2015.

The net total for personal property is $28.71 million now, up $849,972 from 2015. The net total for motor vehicles is $87.20 million now, up $1.57 million from 2015.

Of the top 10 taxpayers, Eversource Energy, listed under its former name Connecticut Light & Power Co., remains number one. It is valued at $10.4 million, up by about $700,000 from the year before.

It is followed by Connecticut Water Co., valued at $5.3 million, up by about $600,000 from 2015.

Roth Collection Inc., which owns the Adams IGA plaza, went up one place and is now third on the list. Its value has gone up slightly, to $3.1 million.

City of Bristol Water Co. also went up one place and is now fourth. Its value is down slightly at about $2.6 million.

Next are Senior Housing at Quail Hollow Inc., valued at $2.5 million; Yankee Gas Service Co., valued at $2.3 million; Cook Willow Realty Partnership, which owns Cook Willow Convalescent Home, and is valued at $1.8 million; and Inland Intermodal LLC, which owns Inland Fuel Terminals Inc., valued at $1.8 million.

Inland Fuel, located at 370 S. Main St., moved into town in 2015. The company was granted a 50 percent tax abatement for its first five years in town, which will drop to 40 percent in the sixth year, 30 percent in the seventh year and zero after that.

Dimeo Terryville LLC, which owns Terryville Chevrolet, is ninth on the list. Its valuation went up slightly to $1.7 million.

Rubicon Realty LLC, which owns apartments on Main Street, is back on the list at 10th place, after having dropped out last year. It is valued at $1.6 million.

Brittany Property Management Inc., which owns the Rite Aid plaza, was in 10th place last year but has dropped out of the top 10.

Susan Corica can be reached at 860-584-0501 ext. 1802 or scorica@bristolpress.com.



Posted in Newington Town Crier, General News, Plymouth, Terryville on Wednesday, 1 March 2017 20:28. Updated: Wednesday, 1 March 2017 20:31.