October 25, 2014

Chester Grand List Drops by 12 Percent After Townwide Property Revaluation

CHESTER— The 2013 grand list of taxable properties is down by 12 percent after the first full townwide property revaluation since 2003, with decreases in all three real estate categories and the personal property total.

Assessor Loreta Zdanys has filed an October 2013 grand list that totals $441,523,635, representing a decrease of $60,354,708, or about 12 percent, from the 2012 grand list total. Motor vehicles was the only category that showed a small increase over the 2012 total.

The townwide property revaluation conducted last year by eQuality Valuation Services of Waterbury was the first full revaluation, with visual inspections of all properties, done in Chester since 2003. The Waterbury firm had also handled the statistical update revaluation that was done in 2008. But the latest revaluation shows the full impact on property values resulting from the national Great Recession that began in the fall of 2008.

The grand list shows a real estate total of $398,423,780 for the town’s 1,858 accounts, a decrease of $60,362,060 from the 2012 real estate total. Along with residential. property, there were also declines in assessed value for the town’s 88 commercial and 14 industrial properties.

There was also a small decrease in the assessment total for the town’s 1,073 personal property accounts, with a 2013 personal property total of $14,434,390, down by $708,450 from the 2012 personal property total. The town’s 4,115 motor vehicle accounts show an assessment total of $28,665,465, up by $705,802 from the 2012 motor vehicles total.

Zdanys said more than 90 percent of the town’s real estate accounts showed a drop in assessed values, though some properties in the vicinity of the downtown village did not show a decrease. In contrast to past revaluation years where property owners were often objecting to higher assessments, Zdanys said there have been some complaints from property owners, particularly those considering selling, that their assessments were too low. Zadanys said the deadline for property owners to file applications to contest their assessments with the elected board of assessment appeals in March 20.

First Selectman Edmund Meehan said the decrease in the grand list was actually slightly less than he was expecting. “I was expecting closer to a 15 percent drop,” Meehan said, adding “it reflects market conditions.” Meehan said the selectmen and board of finance are prepared to support a transfer from the town’s undesignated fund balance “to ensure a smooth transition’ ‘in the tax rate for 2014.

The current tax rate is 21.95 mills, or $21,95 in tax for each $1,000 of assessed property value. While the tax rate is likely to increase in 2014, most property owners would be paying the higher rate on a lower assessed value for their property. The town’s undesignated fund balance currently totals about $1.8 million.

In recent years, selectmen and the finance board have authorized transfers from the fund balance in the range of $150,000 to $200,000, to limit increase in the tax rate. Lower totals for education spending allowed the town to avoid any transfers from the fund balance for the current 2013 budget.

The town list of top ten taxpayers remained unchanged from 2012. The top ten taxpayers, along with their 2013 assessment totals are Chester Woods Inc. (Chester Village West)-$15,092,330, Whelen Engineering Co. Inc.-$8,400,010, Connecticut Water Co.-$5,181,300, The Eastern Company-$4,065,740, and Connecticut Light and Power Co.-$4,001,560.

Also Whelen Aviation LLC (Chester Airport)-$3,843,340, Roto Frank of America Inc.-$3,620,820, Hayes Properties LLC-$2,248,350, Margaret & Robert Sbriglio (Aaron Manor)-$2,214,990, and Chester Point Real estate LLC-$2,079,830.