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New Britain, CT – Mayor Erin Stewart and City Assessor Michael Konik announced today that the City of New Britain’s Grand List has shown an increase of 40.5%. The Grand List is an aggregate valuation of taxable property throughout the City of New Britain and is used to calculate the City’s tax rate. 188 new businesses came to New Britain during the tenth consecutive year of Grand List growth for the City.
“New Britain is in the midst of a transformation unlike anything that’s been seen in years, and our grand list growth mirrors this exciting economic turnaround,” said Mayor Erin E. Stewart. “Under my administration we have built a business friendly environment that is focused on improving our financial conditions. I have long said that financial stability is a destination that is only achieved through constant vigilance.”
In 2022 the City of New Britain underwent a state mandated revaluation process, which came at a time of inflation, high demand, low inventory, and favorable interest rates. As a result the City will reevaluate the current mill rate as part of the budget process that is now underway. The City budget that is finalized in the Spring of 2023 will likely reflect an adjusted mill rate, so residents are encouraged to not apply their new property value to the current mill rate because it will reflect an inaccurate representation of taxes owed.
Based on a mill rate of 49.50 for real estate and personal property and a mill rate of 32.46 for motor vehicles—along with a tax collection rate of 100 percent—the increase in the Grand List equates to a potential addition of $55.9 million in additional tax revenue. It is important to note this amount of additional tax revenue for the City is not final and actual amount of tax revenue cannot be determined until the City completes its budget process in the spring.
“I fully expect to lower the current mill rate of 49.50 to equalize the tax burden on all payers,” said Mayor Erin Stewart.
The personal property portion of the Grand List increased in value by $1,434,870 or 0.67%. This increase from 2021 can be partly attributed to business owners adjusting to a post COVID-19 pandemic work environment.
The motor vehicle portion of the Grand List increased by 8.94%, or $36,156,660. The number of passenger vehicles increased in number by 1,126 and the average passenger vehicle assessment increased by 4.80%. This increase in car values is due to ongoing complications in the wake of the COVID-19 pandemic. There continues to be significant shortages in the chips that go into cars as well as other materials, coupled with increasing inflation and supply chain issues.
Real estate increased by $1,104,530,575 or 50.15%. Property value spiked during the state mandated revaluation process the City went through this year due to high demand, low inventory, and favorable interest rates. The Assessor’s Office revalued all 17,000 properties throughout the City as part of the revaluation process.