The numbers are in and, to nobody's surprise, the city's worth more than ever.
On the heels of revaluation, the Grand List rose from $3 billion last year to $4.2 billion this time around.
Almost all of the increase is the result of soaring real estate values, with condominiums and rental property leading the way.
Though it's hard to say exactly what the impact on property tax bills will be, becaus the mill rate will go down, it's virtually certain that those who own condominiums, apartment houses and multi-family units are going to be shelling out more.
That's because the value of those properties rose much faster than the average value in town, according to the assessor's office.
Single family homes, commercial and industrial property did not rise as quickly so most owners won't see significant hikes in their bills.
ESPN remains by far the largest taxpayer in town, with about $245 million worth of land and equipment, but the rest of the Top 10 list got juggled this year. The assessor's office is, however, still working out exactly which taxpayers should make the annual tally.
Here's the final version of the story:On the heels of revaluation, the city’s Grand List soared 38 percent in value last year to more than $4.2 billion.
“Not too shabby,” said Mayor Art Ward. “It’s comforting to know we have a solid base that can provide the services we need for the community.”
While the Grand List itself doesn’t have any direct impact on property taxes, it does provide a clue about who’s most likely to get socked harder when tax bills are mailed out this summer.
Those who own rental property or condominiums are mostly likely to get socked because they hold property which saw the most rapid rise in value since the last revaluation five years ago.
Personal property – the equipment owned by about 2,500 businesses in town – saw a 2 percent decline in value since last year.
That’s “mostly due to the economy,” said Judy Dick, the city’s acting assessor. “Because of the economy, we’re not seeing a lot of new stuff.”
On the other hand, the value of motor vehicles in Bristol rose by $3.3 million to $342 million in all, which typically doesn’t happen during hard times. Dick said that people are still buying new cars, which keeps the overall value from slipping.
One thing that can’t be determined from the new Grand List is how much new growth there’s been in the past year. Because of revaluation, Dick said there’s no simple way to say how much more value was added to Bristol’s rolls in the past 12 months from new construction.
Dick said Monday that the overall Grand List rose 38 percent in value. Single-family homes went up only modestly more, on average seeing a 46 percent increase in their assessments.
But homes for two to four families, which include the many three-deckers in older sections of town, went up 74 percent in value, on average, while apartment houses and condominiums had assessments rise by two-thirds.
Commercial and industrial property went up an average of 40 percent.
Property that went up more than the average is likely to produce a higher tax bill this year while those that lagged behind may see a property tax cut.
City Comptroller Glenn Klocko said that the Board of Finance and Ward are pushing to hold down city spending as much as possible this year in part because of the shifts in tax burden produced by revaluation.
The Massachusetts-based Vision Appraisal got nearly $800,000 to handle much of the revaluation work in Bristol during the past two years.
Revaluation in itself doesn’t raise or lower property taxes, but updates frequently shift the tax burden between commercial and residential property taxpayers depending on whose property has risen most in value.
Though the shift in 2002 put a greater burden on homeowners, it isn’t always that way. In 1998, for example, most city homeowners saw their taxes shrink because values had gone relative to commercial property during the previous decade.
The final taxable property numbers are likely to be adjusted slightly by mid-May as about 200 assessment appeals are decided. People who want to challenge their new assessments have until March 20 to file the necessary paperwork.
The Grand List does not include hundreds of millions of dollars worth of exempt property, including Bristol Hospital, churches, cemeteries and parks.The overall net assessment for the Grand List released Monday totals $4,238,467,940.Real estate makes up $3,655,726,600 of the net total, while personal property used by businesses tallies $244,135,860. Motor vehicles add another $338,605,480.
Because of a computer glitch, the annual Top 10 List was not yet available Monday, though it is clear that ESPN is at its head by a wide margin.
ESPN tops listThe city’s largest taxpayer, ESPN, just keeps getting bigger.
But its rate of growth slowed considerably last year.
The city assessor pegged the value of ESPN’s Bristol complex at $245.4 million last year, a jump of $4.7 million over the previous year.
Though a $4.7 million increase by any other company would be astounding, it is one of the lowest annual increases the sports giant has posted.
Part of the reason is that its personal property – the computers and broadcast equipment it uses – were worth $11 million less in 2007 than they were the previous year. That’s because even the newest electronics lose their value quickly.
Other top taxpayers in town include the Covanta trash burning plant, Carpenter Realty, Theis Precision Steel and Connecticut Light and Power. An explicit Top 10 list should be available soon.
*******
Copyright 2008. All rights reserved.
Contact Steve Collins at scollins@bristolpress.com
