Grand list gets even grander at $36.4B

Largest in CT gets boost from home sales in Greenwich

GREENWICH — The town’s total property value grew to $36.4 billion in 2023, setting another new record, according to the town assessor. This new figure is slightly larger than last year’s also record-breaking amount.

“I think everybody knows we’ve got the largest grand list by far in the state of Connecticut,” comptroller Peter Mynarski said this week. “Stamford’s second, Norwalk’s third, but we, by far, have the largest grand list.”

The grand list, an assessment of the property value in

Greenwich, is used to help calculate tax rates in town.

The town’s net assessed property value reached $36,401,914,340 in 2023, according to the town assessor Lauren Elliott. The figure is current as of Oct. 1, 2023, but it is subject to change depending on assessment appeals.

Elliott presented the grand list information to the Board of Estimate and Taxation budget committee on Feb. 14.

This year’s list is nearly 1 percent larger than the roughly $36 billion value calculated in 2022, Elliott said. The list notched about $35.6 billion in 2021.

Greenwich’s 2022 grand list was about $12 billion larger than the figure calculated in Stamford, the next largest in the state.

The grand list is 70 percent of the value of all the taxable homes, land, cars and personal property in town. Mynarski said the town’s large grand list helps during the credit review process. Greenwich has a AAA credit rating, the highest possible, which allows the town to borrow money at lower interest rates.

Residential real estate consistently makes up the largest portion of the town’s property value, Elliott said, particularly in the Backcounty, north

of the Merritt Parkway, where homes are generally more expensive.

Elliott said a tight real estate market is driving home values up.

“Supply of houses out there is very limited,” she said. “That’s part of the reason why these valuations have gone up so considerably since 2020.”

Elliott said that prior to the COVID-19 pandemic, there could be between 500 and 700 residential homes listed for sale, but her most recent information showed there were just 132.

She said there have been some private sales in town, which may not show up on the listing service, but the evidence is clear that there is still high demand for homes.

“What we’re seeing is that even though interest rates, mortgage rates have gone up, it still has not slowed down the Greenwich market,” Elliott said.

Additionally, Elliott said the commercial real estate market has been strong in Greenwich. Most of the town’s commercial value is on and near Greenwich Avenue.

“Greenwich Avenue seems to be doing fine, the offices in the downtown area seem to be doing fine,” Elliott said. “I know for a fact that they’ve increased their price-persquare foot ... and their sales have proven it, that they continue to go up in value.”

One notable downward trend in Elliott’s calculations is on the valuation of cars in Greenwich, which dropped about $57 million from 2022 to 2023.

Elliott said used car values were much higher in 2022 as the auto industry dealt with supply chain issues, but prices have since normalized. Elliott assessed 70 percent of the value of just over 53,000 cars in town at about $1.1 billion.

The $36.4 billion grand list figure is subject to change, depending on what happens at the Board of Assessment Appeals.

The BAA hears appeals made by individuals or organizations in town that wish to dispute their property assessments. These appeals must be filed by Feb. 20 and hearings will be held in March.

BAA adjustments could bring the total value of the grand list down. Elliott has currently assumed a $85 million reduction in her grand list calculation.

The final grand list total will be used by the BET when it sets the mill rate in the spring. The new fiscal year begins on July 1.