REPORT: GROTON HOMES LOST VALUE, COMMERCIAL VALUES INCREASED

Groton — Residential property values in Groton fell 6.8 percent during the most recent revaluation, with the steepest decline in high-end homes, according to a report on Tuesday by the town assessor.

The report compared real estate values among the residential, commercial and industrial sectors of Groton and among its neighborhoods. Groton Long Point, an affluent neighborhood on the water, suffered the sharpest decline in values, with a 15.8 percent drop in its grand list, the report showed. Net assessments in Mumford Cove fell 7.9 percent and net assessments in Noank declined 6.4 percent, the report showed.

Increases in commercial and industrial real estate helped to offset some of the loss in residential real estate, with increases of 8.2 percent in commercial property and 1.7 percent in industrial property, the report showed. Personal property also increased 8.9 percent.

The change in property values varied widely by neighborhood, the report showed. Groton City’s net grand list increased by 1.5 percent, the first increase in three years. The net grand list in West Pleasant Valley area also saw a boost of 0.7 percent because of additions at Fairview, Odd Fellows Home.

In Poquonnock Bridge, the net grand increased 1.8 percent because of higher industrial values and commercial investments like the renovation of 9 Kings Highway by Electric Boat. But residential home values in Poquonnock Bridge fell 11.5 percent.

In Mystic and Old Mystic, the net grand lists dipped slightly.

Melissa L. Baer, northeast regional manager for the appraisal and tax division of Tyler technologies, said Groton’s changes are consistent with what the company has seen in assessments across the state and New England. Values of high-end homes — or those assessed at $800,000 or more —

are down, and commercial and industrial property values are up, she said.