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February 10, 2020

New commercial, residential investments push West Hartford’s grand list higher

Photo | Flickr/allnightavenue Blue Back Square in West Hartford.

West Hartford’s grand list of taxable property increased nearly 1% over the last year as several new residential and commercial developments came online, town officials say.

The town’s 2019 grand list, which includes the assessed value of personal property, real estate and motor vehicles as of Oct. 1, 2019, was $6.36 billion, up 0.82%, or $52 million from a year earlier.

The increase will be calculated in the town’s fiscal year 2021 budget. Revisions to the 2019 grand list could be made as the town’s Board of Assessment Appeals considers appeals from property owners who are challenging their assessments.

“The 0.82% increase in grand list growth translates to about $2 million in new tax dollars,” said Town Manager Matthew Hart. “This increase will help balance next year’s operating budget.”

The town’s grand list was largely pushed upward by higher real estate tax revenue, which increased a half-percent, or $31.1 million for a total of $5.71 billion. 

Town officials say the increase was driven, in part, by new commercial and residential construction and remodeling projects in town. That includes Ideanomics’ planned $400 million-plus “Fintech Village” at the former UConn West Hartford campus, a $60 million plan to remake a convent property into 330 living units on the Hartford border, and a new small-format Target store that opened last summer at the Bishops Corner shopping center.

Meantime, personal property tax revenue increased 2.9%, or $5.86 million, to $205.2 million. Motor vehicles assessments also rose 3.5%, or $15 million, to $448.16 million.

Mayor Shari Cantor said she’s bullish on development activity in town.

“We can look forward to additional growth as some of the bigger projects in town move from construction to completion,” Cantor said.

The town’s top 10 taxpayers represents more than 5.6% of the town’s total grand list.

The three largest taxpayers include Blueback Square Holdings LP ($72.9 million), West Farms Mall ($52.5 million) and Eversource ($46.1 million).

The other top taxpayers include:

4.    FW CT – Corbins Corners: $42.3 million
5.    SF West Hartford Property Owner LLC: $29.2 million
6.    Town Center West Associates: $28 million
7.    McAuley Center Inc.: $24.5 million
8.    Steele Road LLC.: $23.4 million
9.    BFN Westgate LLC: $20.5 million
10.  Bishops Corner: $18.2 million

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