BRIDGEPORT, CT – (March 1, 2011) – Mayor Bill Finch today announced the completion of the 2010 Grand List, which shows an increase in net taxable property of $2.9 million from the 2009 Net Grand List. The total 2010 Net Grand List is $7,022,705,240 billion.
By category, the increases are as follows: $11.2 million in net personal property, and $20.6 million in motor vehicles; net real property went down $29 million, due to an increase in real property exemptions. The overall Gross Grand List (prior to deductions of all Exemptions and Exempt Property) grew by nearly $112.5 million. Exempt real estate now composes $3 billion in assessed value, or approximately 33.63% of the Total Real Property component of $8.95 billion.
“Despite this respectable news, Connecticut continues to be held back by its over-reliance on property taxes to fund local government and schools,” said Mayor Bill Finch. “Though Bridgeport continues to hold its own in a very difficult economy, the Park City suffers from Connecticut’s dysfunctional tax system. Three of the United States’ smallest cities, Bridgeport, New Haven and Hartford, all with modest amounts of taxable property, suffer the loss of at least one-third of all real property value because they are not taxable.”
Acting Tax Assessor Elaine Carvalho, CCMA, said she was pleased with the modest growth in the 2010 Grand List noting that, “The City’s real estate economy continues to hold its own; however, we have a greater number of exemptions than our neighboring towns.”
In accordance with Connecticut General Statutes, the 2010 Grand List reflects a 70% assessment ratio.
The Top Ten Taxpayers – Real Estate / Personal Property Combined for 2010 are as follows:
CRRA/US Bank National
|2||United Illuminating||$ 211,997,036|
|3||PSEG Power Connecticut LLC||$ 152,689,120|
|4||People’s United Bank||$ 58,727,604|
|5||Connecticut Light & Power||$ 55,423,829|
|6||Bridgeport Energy LLC||$ 36,166,277|
|7||Southern Connecticut Gas||$ 34,364,683|
|8||AT&T Mobility||$ 30,809,473|
|9||Watermark 3030 Park||$ 29,736,500|
|10||Success Village Apartments||$ 24,269,140|