Town Assessor Brian Lastra finished compiling the taxable value in Southington last week, reporting a $43.7 million increase to the 2016 Grand List.
When adding the real estate, motor vehicle, and personal property assessments, the town reached a grand total of $3.945 billion compared to last year’s $3.902 billion. The 2016 total is a 1.12 percent increase from the 2015 list.
There was no change to the top five taxpayers in town. Eversource leads the list with $87.4 million of taxable assets, exceeding the total of the other top five companies combined. Yankee Gas, Yarde Metals, Home Depot, and RK Southington (Queen Plaza) round out the top five.
The net assessment of real estate tax increased by about $28.8 million, or 0.86 percent.
“A great deal of the increase can be directly attributed to new home construction and newly created subdivisions throughout town,” Lastra said in an email to Town Manager Garry Brumback.
Further, the commercial real estate saw a number of significant projects in the works including a new plaza at 99 Executive Blvd., Chips Family Restaurant, and the three-story, $6 million medical office building under construction on Queen Street.
Personal property assets had a larger difference from last year’s numbers than real estate and motor vehicle changes. A 4.4 percent increase was recorded and Lastra said that “the expansion of personal property assets can be attributed to continued infrastructure build-out by Eversource and Yankee Gas Services which combined for a $5.6 million increase.”
Many other local businesses were attributed by Lastra, such as Smashburger, Stanley Black & Decker, Crystal Bees, HQ Dumpsters & Recycling, and the Cumberland Farms on West Street.
The motor vehicles value grew by 1.85 percent due to new vehicle purchases. Lastra noted in his email that the Department of Motor Vehicles worked hard to mitigate the problem Southington experienced with cars and trucks being assigned to the wrong towns.
Lastra said he “has faith this year” regarding the accuracy of vehicle numbers, which increased from 43,707 in 2015 to 44,107 in 2016.
Following the adoption of the 2017-18 budget by the Town Council, the Board of Finance will use the Grand List to determine any adjustments needed to Southington’s mill rate by May.
For a copy of Lastra’s letter click here: Grand List Assessor’s Report