Shelton grand list tops $6B

SHELTON — The city’s economic growth remains on display, with the tax assessor’s office reporting a 1.2 percent increase in its grand list from 2021 to 2022.

The 2022 net grand list sits at nearly $6.1 billion in total assessments, which is 70 percent of market value, an increase of more than $72 million over 2021, according to Assessor William H. Gaffney III, who submitted the annual report to the mayor’s office this month.

The increase comes one year after the city saw a 22 percent increase from 2020 to 2021, largely due to the revaluation that occurred the previous year. The grand list increased 1.49 percent from 2019 to 2020.

“This marks 32 years of consecutive increases,” said Mayor Mark Lauretti, adding that when he first took office, the city’s grand list was $1 billion. “This is just another indication of what is going on here in Shelton — we have changed from that an old blue collar industrial city. “I chuckle at those who say I’m not the only one who can do this,” he added. “Tell me who else has been doing this consistently for 32 years. From a financial standpoint, there is a huge difference between us and everyone else.”

Lauretti cited predictability and stability as reasons for the city’s continued economic success. The mayor touted the low mill rate — presently at 17.47 mills — and the businessfriendly climate for the city’s enormous growth over the years.

“Businesses and people know we have both. They know what they expect year in and year out,” Lauretti said. “Senior citizens can stay in their homes. Young families can live here and still pay their mortgages and college tuitions.”

And, Lauretti added, property values continue to increase.

Gaffney said the grand list increase is thanks to new apartment and housing construction. The increase in grand list will increase revenue some $1.2 million, Lauretti added. The city’s growth has also spawned a diverse business community. Lauretti said downtown growth alone has accounted for some $200,000 in revenue a year.

More than 85 percent of the grand list is comprised of real estate, which stands at $5.18 billion, a 0.66 percent increase from the previous year. Personal property dropped 1.27 percent, or just less than $5 million, to $377.9 million. Motor vehicle assessments were at $508.4 million, an increase of just more than $43 million, a 9.26 percent spike from 2021.