New London Grand List Shows Growth In Commercial Real Estate

New London CT

04 March, 2022

8:41 AM

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NEW LONDON, CT — A review of the city's grand list of taxable property showed growth of 5.5 percent as of Oct. 1, according to a statement from the city. The total of taxable real estate, motor vehicles, and personal property rose by $82,676,223 over the previous year to a new net total of $1,595,439,971. Much of the increase comes from the commercial real estate sector, which showed growth of just under 9 percent, according to the statement. There were 889 commercial accounts in the latest valuation, versus 848 accounts in the previous year for a total of $469,233,986 in gross taxable commercial property. Residential real estate increased by just a half percent, with 5,850 accounts versus 5,836 accounts in the previous report for a gross taxable amount of $670,814,849. New London Assessor Donna L. Ralston provided Mayor Michael Passero with the annual update Feb. 28. "I'm thrilled with the increase we've shown in our Grand List because it benefits all taxpayers," Passero said in a statement. "And to have commercial real estate go up by 9 percent shows that we are making significant progress in our efforts to attract new business to the city." Felix Reyes, director of Development and Planning, said he is pleased to see the work of his department paying off. "This increase shows that our work to tell the story of opportunity in the City is being heard by developers and the business community in general," Reyes said in a statement. "As we continue to work to raise the value of properties we're also setting the foundation for fiscal health and continued growth in the future."