New London’s grand list rises by 4.6%

New London — The city’s grand list, or its total value of taxable property, increased by approximately 4.6% in 2022 compared to 2021.

Mayor Michael Passero this week said that percentage is based on the grand list from last year which was adjusted to include tax appeals and court settlements that backlogged during the COVID-19 pandemic.

However, David McBride, the city’s director of finance, said the increase from the originally filed grand list for 2021, which is what is used to forecast increased tax revenues to the city for the budget, only increased 1.62%.

Passero said the smaller increase means the city is looking at a tight budget this year.

In a letter to the mayor Feb. 27, City Assessor Donna Ralston said personal property had the biggest increase due mainly to the activity at State Pier, the future site of an off-shore wind project. Personal property, which is comprised of business equipment, grew by 19.7% to $181.9 million.

After subtracting exempt property, the city’s net grand list, including real estate, personal property and motor vehicles, was $1.6 billion as of Oct. 1, 2022.

Tax-exempt properties totaled $958.9 million, a 1.6%, or a $15.9 million, increase from a year prior.

Ralston said the city again had a significant increase in motor vehicle assessments, rising by $18.3 million, or 12%, over last year, to approximately $170 million. She said part of that increase is because there are 68 more vehicles on the list this year. The value of real estate remained at $1.2 billion, with an increase of just $337,114.

The city’s top 10 taxpayers are:

■ Electric Boat Corporation, $73.4 million

■ Yankee Gas Services Co., (Eversource) $54.4 million

■ Connecticut Light & Power Co. (Eversource/DOT/Amtrak), $37.4 million

■ G & I X New London Mall LLC, $23.8 million

■ Vesta Winthrop LLC (Huntington St. Apts.), $17.4 million

■ Villages at Shore Landing Owner LLC, $16.9 million

■ Nutmeg Woods Owner LLC (fomerly Ansonia Acquisitions), $16.3 million

■ New London Shopping Center LLC, $12.6 million

■ Renaissance City Development Association, $10.9 million

■ Huntington Senior Associates LLC, $9.0 million