Increase in Norwich grand list offset by expected drop in car tax reimbursement

Norwich — The nearly 1 percent increase in the city’s 2015 grand list of taxable properties is the highest jump in recent years, but the $580,000 in additional tax revenue it would generate is expected to be erased by a new state-mandated cap in motor vehicle taxes, city officials said.

Assessor Donna Ralston said Monday the grand list of real estate, motor vehicle and personal property values has an overall increase of $16.5 million, a 0.91 percent increase. Real estate values rose by $6.6 million to $1.49 billion. Motor vehicle values — which face pending state records corrections — totaled $190 million, an increase of $3.4 million, and personal property totaled $130.4 million, up by $6.5 million.

Ralston said the increase reflects several major new developments, including a $1.4 million medical building on Wawecus Street, the completion of the $2.15 million Dominion emergency response center in the business park and a $1 million in improvements to the Norwichtown Commons shopping center.

City Comptroller Josh Pothier said the grand list increase would generate $580,000 in additional tax revenue based on the current tax rate.

But Pothier also calculated that Norwich stands to lose about $500,000 from the new state cap on motor vehicle tax rate of 32 mills this year. The expected state reimbursement for the loss will fall short of the lost revenue, Pothier said. Norwich’s 2015 top 10 taxpayers:

Computer Sciences Corp., 100 Winnendon and 243 Vergason Ave: $31.4 million.

TKG Norwich (Norwichtown Commons) 4244 Town St.: $16.8 million.

Bob’s CT QRS 16-25, Inc. (Bob’s Discount Furniture Distribution Center), 70 Jewett City Road: $14.5 million.

Norwich Realty Associates LLC (Marcus Plaza), 624 W. Main St.: $9.6 million.

Plaza Enterprises (East Great Plain Shopping Center), 113 Salem Turnpike: $9.2 million.

Norwich Community Development Corp. (Mercantile Exchange office building and industrial park land): $8.6 million.

EMC Corp. (leased equipment for Computer Sciences Corp.): $8.3 million.

Walmart Real Estate Business Trust (Walmart shopping center), 220 Salem Turnpike: $8.3 million.

Mashantucket Pequot Tribe (Spa at Norwich Inn): $7.2 million.

Algonquin Gas Transmission LLC (natural gas line and equipment): $6.9 million.

NOTE: Phelps Dodge Industries, Inc./Freeport-McMoran Copper Products, 41 Wawecus St., is assessed at $13.6 million, but receives manufacturing exemptions totaling $7.9 million.