In an indication of Westport’s continued economic health, the Grand List for 2016 jumped 1.36 percent or approximately $148 million to $11 billion, Tax Assessor Paul Friia announced.
The breakdown of the 2016 Grand List as provided by the Tax Assessor’s Office. (CLICK TO ENLARGE) Contributed graphic
This compared to a 7.8 percent increase in 2015 (a revaluation year) over 2014, a 1.5 percent increase in 2014 over the previous year, and 1.3 percent increase in 2013.
The specific 2016 amount was $11,024,518,484 compared to $10,876,602,613 a year earlier. The list is the sum of the net assessed value of all taxable property — real estate, motor vehicles, and personal property.
Motor vehicles and personal property are valued annually, while real estate is updated based on the market values determined as of the town’s revaluation date of Oct. 1, 2015.
Friia said increases in the Grand List were in all three categories to include real estate, motor vehicles and personal property.
The 1.29 percent increase in real estate assessment totals is a result of continued residential and commercial new construction and renovation activity that occurred within the past assessment year, he said.
Motor vehicle had a 3 percent increase in assessment totals and personal property had a 2.2 percent increase in assessment totals.
Friia said a review of the personal property Grand List indicated that public utility company accounts added just over $2.9 million in assessment and new personal property accounts added approximately $9 million in assessment.
These increases along with increases in other accounts more than offset any reductions from annual depreciation or business closings, Friia said.
“This is very good news for Westport taxpayers and reflects the ongoing vibrancy and attractiveness of our community,” said First Selectman Jim Marpe about the Grand List announcement.
“It also reinforces the need to invest in our public amenities such as the public schools, Compo Beach, Longshore Club Park, the Library, open space and the many other ‘crown jewels’ that make Westport the community of choice for our current and future residents and businesses.”
The Grand List will be used for fiscal year 2017-2018 town budget calculations. Friia said the announced figures are subject to change based on the outcome of the Board of Assessment Appeals hearings in March and further changes due to corrections or pending lawsuits.
The following are the top 10 taxpayers in Westport:
Top 10 Taxpayers — on the 2016 Grand List Assessment
Connecticut Light & Power Inc Pers. Property 136,098,970
60 Nyala Farms Road LLC Real Estate 89,277,600
Equity One Westport Vill. Center Real Estate 35,051,200
Bedford Square Assoc LLC Real Estate 26,964,700
Byelas LLC Real Estate 24,424,500
Campana 125 LLC Real Estate 20,767,800
285 & 325 Riverside LLC Real Estate 20,177,600
SL Greens Farms Rd LLC Real Estate 19,937,500
Heyman Ronnie F Trustee Real Estate 19,508,800
Bridgewater Associates Inc. Pers. Property 17,712,920
