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| 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.
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