Middletown Grand List Increases By $114 Million

Middletown CT

15 February, 2022

1:57 PM

Description

MIDDLETOWN, CT — Middletown's grand list for October 2021 saw an increase of 3.2 percent, or $114.2 million, Assessor Damon Braasch announced Tuesday. The grand list is the aggregate valuation of taxable property within a given town, and is used to determine the mill rate for both City and Fire District property taxes. Middletown's 2020 grand list increased by $44 million, or 1.25 percent. "Although there were increases due to new construction and home improvements, more than half of that change, $86 million, came from an unprecedented increase in motor vehicle values," officials wrote in a news release regarding the 2021 grand list. Read more from the news release below: To ensure equity in assessments throughout the state, under Sec. 12-71d. of the Connecticut General Statutes all Assessor's must use the same pricing schedule to determine the assessment of motor vehicles. The Secretary of the Office of Policy and Management has recommended all Assessor's use the October 2021 National Automobile Dealers Association (N.A.D.A.) Guides in preparation of their Grand Lists. Using the average retail value, the year-to-year assessment of motor vehicles has increased by 25 percent on average. The reasons are largely based on supply and demand. There are industry-wide shortages due to supply chain issues, semi-conductor availability, the pandemic, and the supply of used cars. In recent months the increase in motor vehicle values have been the topic of several articles in the New York Times, Kelly Blue Book, J.D. Powers, and C|Net. Braasch said he was surprised at the increase. "Assessors have been warned this was coming, although I don't know if we were expecting this kind of change," he said. "The Grand List showed significant growth in each fire district." The City Fire District had a net increase of $52.7 million, or 3.9 percent; South Fire District had a net increase of $32.8 million or 2.9 percent; Westfield Fire District had a net increase of $28.6 million, or 2.6 percent. District – 1 2020GL – $1,368,012,486 2021GL – $1,420,787,885 Grand List $ change – $52,775,399 Percentage – 3.9% District – 2 2020GL – $1,129,002,302 2021GL – $1,161,838,847 Grand List $ change – $32,836,545 Percentage – 2.9% District – 3 2020GL – $1,098,448,927 2021GL – $1,127,080,389 Grand List $ change – $28,631,462 Percentage – 2.6% District – City 2020GL – $3,595,463,715 2021GL – $3,709,707,121 Grand List $ change – $114,243,406 Percentage – 3.2%