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Economic Boom Continues in New Britain. City Announces 11th Straight Year of Grand List Growth

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February 22, 2024


Mayor Erin Stewart and City Assessor Michael Konik recently announced that the City of New Britain’s Grand List has grown for the eleventh year in a row increasing an additional .73% in 2023 after record 40.5% growth in 2022. 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. New Britain welcomed 133 new businesses this past year.

“To put it simply, were booming,” said Mayor Erin Stewart. “Our pro-growth policies are working. We are reinventing this community, restoring the pride of our glory days, through a modern 21st century approach - creating a better City for residents, for businesses, and for visitors. I am so proud of the ongoing efforts of my administration, for doing the good, hard work in fostering a better economic environment for our City, and for embracing the promising prospect of new possibilities.”

The City of New Britain’s Mill Rate in Fiscal Year 2023-2024 was 38.2% on real estate and personal property, and 32.46% on motor vehicles. At this moment, the amount of tax revenue is not finalized and the actual amount of tax revenue that is generated will not be determined until the City completes its budget process in late spring.

The personal property portion of the Grand List increased in value by $54,190,440 or 15.22%. This increase from 2022 can be partly attributed to new businesses opening up as well as assessment increases on improvements to existing businesses.

The motor vehicle portion of the Grand List declined by 4.99%, or $23,134,382. The number of passenger vehicles decreased in number by 221 and the average passenger vehicle assessment decreased by 5.57%. This decrease in car values is due the fact that for the first time in about three years, used car values are depreciating. The inventory of new and used cars has increased and caused values to decline.

Real estate decreased by $789,046 or 0.02%. This is in line with the historical tendency for the realestate grand list to decrease in the year after a revaluation. The impact of the revaluation was partially offset by increases to assessments which include partial construction of the Brit and the Highrailer downtown developments, as well as the construction of Kingz Carwash and the new Sherwin Williams property. Six new residential buildings were also constructed in the last year and numerous other properties were remodeled or significantly improved. The Assessor’s Office performed 628 visits toproperties regarding construction permits and 812 properties were inspected to either verify sales or to review property listings

On the 2023 Grand List, the City’s Top 10 Taxpayers and their net taxable assessment are as follows:

1. Connecticut Light and Power (Utility) - $90,190,390

2. Pebblebrook Apartments LLC (Apartments) - $34,132,070

3. Connecticut Natural Gas Corporation (Utility) - $20,833,540

4. Corwest Plaza Power LLC (Retail) - $17,357,550

5. Jubilee Equities LLC (Apartments) - $15,726,200

6. Costco Wholesale Corp (Retail) - $14,972,380

7. Corbin Pinnacle LLC (Apartments)– $14,600,930

8. Paramount Plaza at New Brite LLC (Retail) - $13,365,660

9. Stanley Black & Decker Inc. (Office/Industrial) - $12,341,485

10. C R Stonegate LTP (Apartments) - $11,619,300

The Grand List is used to calculate the City’s tax rate and corresponds to the tax bills that are payable beginning in July 1, 2024.

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