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02/15/2017 07:00 AMIn a good sign for the town’s finances, the 2016 Grand List of Taxable Property values rose overall by one percent compared to 2015. A higher list value can slightly offset the size of any mill rate increase that, without the higher values, might be needed to pay for higher town expenses.
The Grand List is composed of three categories: real estate, personal property (generally business equipment like computers or machinery), and motor vehicles. The town’s 2016 net assessment of taxable real estate increased by $16.86 million to $2.248 billion. The biggest increases were contributed by residential real estate shifts.
Assessor Norm Wood said that both new residential construction and tear-down/rebuilds were responsible for most of the increase in residential property values. Residential property in the 2016 Grand List was valued at $1.7 billion.
Apartment values carried on the list remain the same as in 2015 at $2.55 million. Since the 2016 Grand List only includes properties occupied and on the tax rolls as of that date, the Post & Main Apartment complex on North Main Street is not yet reflected in the list. With completion anticipated in 2017, those structures will be included in the 2017 List.
Commercial property rose in value between 2015 to 2016, going up by nearly $17 million to $289.5 million. This occurred even though in 2016 outstanding court cases disputing values set in the 2013 revaluation were settled. These settlements, in some cases, resulted in a reduction in the value of those properties that had been on the town’s tax rolls.
Both personal property and motor vehicle values on the town’s 2016 Grand List also saw a one percent increase compared to 2015.
However, the Old Saybrook motor vehicle listing still carries 440 extra M&J Bus, Inc., school buses on the rolls, even though those buses are not in Old Saybrook—they are used and stored in other towns. This problem dates to the conversion two years ago of the Connecticut Department of Motor Vehicles (DMV) software system to a new one. By fall 2016, even though both the DMV and M&J are aware of the problem, it still has not been fixed in the state’s database.
“If DMV finds the proper location for those M&J vehicles, our motor vehicle assessments will be reduced by $8 million,” said Wood.
Top 10 Taxpayers: Real Estate
Old Saybrook Associates LLC $18,550,200
GM Saybrook Owner $15,828,200
Saybrook Point Marina LLC $15,471,900
Max’s Place LLC $15,167,900
Haviland Nancy P $8,009,450
273 Water St LLC & Fenwick Acquisition $7,832,200
Cubesmart LP $6,772,400
Gladeview LLC $6,714,300
Water III LLC $6,141,300
Mill Rock Leasing LLC $5,736,300
Top 10 Taxpayers: Motor Vehicle
M&J Bus Inc. $9,538,140
EAN Holdings LLC $4,152,660
Toyota Lease Trust $1,273,890
Honda Lease Trust $1,048,440
VW Credit Leasing LTD $1,025,910
ACAR Leasing LTD $1,006,220
Financial Ser Veh Trust $853,870
JP Morgan Chase Bank NA $838,490
Daimler Trust $743,220
Hyundai Lease Titling Trust $723,550