The Register Citizen (Torrington, CT)
GRAND LIST RISES
$1.96 billion reflects 0.39% growth
TORRINGTON >> The city grand list rose slightly for the second year in a row, according to figures released Monday by Torrington Assessor Donna L. Patchen.
The total taxable value of assessed property in Torrington rose by 0.39 percent from 2015 to 2016 — from $1.95 billion in 2015 to $1.96 billion in 2016. In 2015, the grand list increased by 1.04 percent, to $1.95 billion from 1.929 billion.
In 2014, the last year the grand list fell, it dropped by 18.84 percent — from $2.377 billion to $1.929 billion.
In the latest report, real estate values dropped by 0.33 percent, from $1.58 billion to $1.57 billion, which Patchen credited, in part, to “certain parcels acquired by taxexempt entities changing from taxable to non-taxable and the increase in Local Option Veterans Exemptions.”
Personal property value showed the sharpest increase, rising by more than 6 percent from $162.1 million to $172.6 million. This, Patchen wrote, is “due to the continued improvement of infrastructure and relocation of equipment of some of the top ten taxpayer businesses.”
Motor vehicle value rose from $211.4 million to $213.7 million — an increase of 1.08 percent. This was accredited to new vehicle purchases by Patchen, who also noted that the Department of Vehicles is continuing efforts to correct any errors arising from a recent shift to new software.
The top two taxpayers in the city — Connecticut Light & Power Company, with a taxable valuation of $45.4 million, and the Yankee Gas Services Company, with a valuation of $22.4 million — are part of Eversource Energy.
Other top taxpayers, as listed by Patchen, include the Torrington Water Company, Dudrow Torrington LLC., GG Torrington LLC 15/16 & TIC / Torrington Triplets LLC, Fuelcell Energy Inc., O&G Industries, Target Corporation, Aptar Group Inc, and MBI Inc.
The latest grand list will provide a small increase in revenue for the city, Mayor Elinor Carbone said Monday, and be factored in as the budget process continues.
Carbone noted that the drop in personal property values was driven largely by a tax exemption for veterans approved by the City Council in September, and that, while the taxable value of motor vehicles in the city had increased, Gov. Dannel P. Malloy had proposed decreasing the mill rate cap for such taxes, meaning that the city will actually see a decrease in revenue.
“We are looking at a very modest increase in the amount of revenue we will be collecting,” said Carbone.
Carbone also said that she has municipal departments to again prepare zero-increase budgets for the next fiscal year, as she did last year.