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February 14, 2023

Hot housing market fuels 40.5% increase in New Britain's Grand List

HBJ PHOTO | STEVE LASCHEVER New Britain Mayor Erin Stewart.

New Britain officials announced Tuesday morning that the city’s Grand List showed an increase of 40.5%, driven largely by the increasing value of residential real estate.

The Grand List is an aggregate valuation of taxable property throughout the city and is used to calculate the city’s tax rate.

The total Grand List or the city’s net assessed worth is $3.96 billion. 

The value of the city's real estate increased by 50.15% or $1.1 billion, reflecting Connecticut's hot housing market. This was the 10th consecutive year of Grand List growth in New Britain, officials said.

Mayor Erin Stewart said that property values spiked when New Britain underwent a state-mandated revaluation in 2022, which came at a time of inflation, high demand, low inventory and favorable interest rates. 

The personal property portion of the Grand List increased in value by $1.4 million, or 0.67%. The city said the increase from the previous year can be partly attributed to businesses adjusting to a post COVID-19 pandemic work environment.

The motor vehicle portion of the Grand List increased by 8.94% or $36.2 million. Also, the city said, the number of passenger vehicles increased by 1,126 and the average passenger vehicle assessment increased by 4.8%. 

Stewart said the Grand List growth mirrors the city’s overall "economic turnaround" fueled by new mixed-use apartment developments downtown. 

Based on the city’s current tax rate of 49.5 mills on real estate and personal property and a tax rate of 32.46 mills for motor vehicles – along with a tax collection rate of nearly 100% – the increase in the Grand List equates to $55.9 million in additional tax revenue, city officials said.

As a result, the city will reevaluate the current mill rate as part of the budget process that is now underway. The city budget that is finalized this spring will likely reflect an adjusted mill rate, Stewart said. 

“I fully expect to lower the current mill rate of 49.50 to equalize the tax burden on all payers,” Stewart said. 

On the 2022 Grand List, the city’s top five taxpayers and their net taxable assessment are as follows:

  • Connecticut Light and Power: $90,779,160
  • Pebblebrook Apartments, LLC: $34,132,070
  • Connecticut Natural Gas Corporation (a utility): $20,121,410
  • Corwest Plaza Power LLC (retail): $17,357,550
  • Jubilee Equities LLC (apartments): $16,235,490

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