This is a printer-friendly version of an article from Zip06.com.

Grand List Drops Slightly in 2012

The 2012 Grand List-the list of all taxable property in town-dropped by about $17.2 million or 0.6 percent since 2011. In addition to serving as an economic bellwether, the drop also means that even if town spending stayed flat, tax rates would have to rise slightly.

The Grand List is composed of three categories, two of which dropped this year. Decreases were seen in taxable real estate and motor vehicles, with the increase in taxable personal property (primarily business equipment).

First Selectman Michael Freda attributed the "miniscule decrease" to the fact that "this is the first full year that some fully taxable property became part of the PILOT [payment in lieu of local property taxes] reimbursement program."

Freda referred to the property formerly owned by Anthem that is now owned by Quinnipiac University and the AT&T building now owned by Yale-New Haven Hospital.

"The full conversion of tax revenue to the PILOT reimbursement program represents a loss of $450,000 to $500,000," said Freda. "This is one year we take a dip in tax revenues."

North Haven's taxable total for 2012 was $2,814,389,457, a $17,214,728 decrease from 2011's total of $2,831,604,185. Taxable personal property increased from $162 million in 2011 to $165.6 million in 2012, an increase of about 2.2 percent or $3.5 million.

Motor vehicles dropped from $203.8 million in 2011 to $203.7 million in 2012. Taxable real estate dropped from $2.47 billion in 2011 to $2.44 billion in 2012.

Freda said having Quinnipiac University and Yale-New Haven Hospital in North Haven is still a benefit to the town because both entities are helping to bring new taxpayers to North Haven. "These institutions are driving others that are fully taxable," he said. "In the long run, we will generate more tax revenue from Yale-New Haven Hospital and Quinnipiac" being in town.

Freda said evidence of that has already emerged. Because of Yale-New Haven Hospital, the town has already seen the opening of a new medical building that houses cardiologists and will bring in tax revenue for the town. A high-end animal surgical center will be housed in an adjacent building this summer, and a third building is seeking new tenants.

"These three buildings, plus a project going to Planning & Zoning for over-55 housing, are fully taxable to the town," said Freda.

He said Quinnipiac's presence has led to the need and approval of a mixed use housing project that will be fully taxable. The housing complex will be occupied by post-graduate students from Quinnipiac, said Freda.

Freda added that developers are interested in the area of northern Washington Avenue (exits 12 and 13 from I-91.

"We may see another bank, another pharmacy, restaurants, and retail as a result of this new demographic," said Freda, referring to the post-graduate students.

"These are fully taxable, income generating projects," said Freda. "The future is bright here."

Another bright spot was the grand opening on Feb. 28 of Yale-New Haven Hospital's new medical center on Devine Street.

"It's a culmination of a tremendous amount of work over a three-year period," said Freda.

Freda is confident that the town will welcome other new taxable, income generating businesses in the future.

"There are many projects in the pipeline," he said. "If we can bring them to fruition, they will be great for the town."