|City Assessor Tom DeNoto|
In the wake of revaluation and shrinking home prices, the city’s newly compiled Grand List plummeted 12 percent to $3.78 billion.
Driving down the tally of Bristol’s taxable property was the collapse of residential real estate. The median single family home lost 21 percent of the value it had during the last revaluation in 2007.
But there’s a silver lining for most homeowners in that decline: they will likely pay less in property taxes.
City Assessor Tom DeNoto that while home prices have been “falling off the cliff” during the past five years, commercial property dipped only slightly.
That means, he said, there will be a “burden shift” that pushes more of the overall property taxes onto commercial property owners.
That breaks a decade-long trend that has seen homeowners picking up an ever greater share of the tab.