April 18, 2014

Essex Grand List Drops by 7.72 Percent After Revaluation

ESSEX— Assessor Jessica Sypher has filed an October 2013 grand list of taxable property that totals $1,033,200,611, representing a revaluation-driven decrease of $86,418,685, or 7.72 percent, from the current grand list total.

In the first full revaluation with visual; inspections of all properties since 2003, a sharp decrease in real estate values was only slightly offset by small increases in the assessment totals for personal property and motor vehicles. The town’s 3,407 real estate accounts show an assessment total of $942,519,420, a decrease of $89,567,020, or 8.68 percent, from the current real estate total. The revaluation, conducted last year by Vision Appraisal Government Solutions of Northboro, Mass., captured much of the decline in both residential and commercial property values associated with the nationwide Great Recession that began in the fall of 2008.

The last townwide adjustment of property values was a revaluation update that was completed in 2007. Vision Appraisal handled both the 2003 full revaluation and the 2007 statistical update. Sypher said more than half of the real estate accounts, including most commercial properties, showed a decrease in assessed value.

But some assessments remained roughly the same, and Sypher estimated about 300 residential properties in various neighborhoods show an increase in assessed values. Most of the properties with a higher assessed value are located near the Connecticut River, or the Mill Pond of the Falls River in the Ivoryton and Centerbrook sections.

The town’s 718 personal property accounts show an assessment total of $29,585,631, an increase of $915,055 from the current personal property total. The town’s 7,627 motor vehicle accounts show an assessment total of $61,095,560, an increase of $2,233,280 from the current motor vehicles total.

Sypher estimated the decline in the grand list would represent a loss of about $1.6 million in tax revenue at the current tax rate of 18.99 mills, or $18.99 in tax for each $1,000 of assessed property value. The tax rate for 2014-2015 will be determined through the town budget approval process that concludes with a town meeting or referendum vote on a spending plan in May.

Sypher said property owners objecting to their new assessment may file an appeal with the elected board of assessment appeals, which holds hearings in March that could result in adjustments to some assessments. The deadline for applying for a hearing with the board of assessment appeals in Feb. 20.

Essex Top Ten Tax Payers

The town’s list of the top ten tax payers remained largely unchanged from recent years, but with one new addition. SKR Partners LLC, which is handling development of the high value Foxboro Point subdivision near the Connecticut River, took the number four spot on the list. All Waste Inc. slipped out of the top ten. The town’s largest taxpayer remains the Essex Meadows Properties Inc. life care facility on Bokum Road with an assessment total of $22,875,400.

Others in the top ten, with the current assessment totals, are Lee Company-$7,367,350, Connecticut Light and Power Co.-$6,480,780, SKR Partners LLC-$5,413,200, The Griswold Inn LLC-$3,369,800, Essex Savings Bank-$3,340,440, Stepher R. Cline successor trustee-$3,276,600, MacBeth Ventures LLC-$2,759,500, Herbert T. Clark III-$2,742,260, and River Properties Inc.-$2,295,3909.