DEEP RIVER — The 2014 grand list of taxable property is up by $9.14 million, a larger than expected increase that will generate about $236,000 in new tax revenue. Assessor Robin O’Loughlin has filed an October 2014 grant list that totals $499,552,409, an increase of $9,145,804, or 1.86 percent, over the 2013 total.
O’Loughlin said the increase, by far the largest since the last property revaluation in 2010, would generate $236,700 in new tax revenue at the current tax rate of 25.88 mills. Last year, the 2013 grand list was up by only 0.47 percent after a 2012 grand list jump of only 1.2 percent.
There were increases in each of the three categories, real estate, personal property and motor vehicles, with the largest increase coming in the personal property total. The town’s 658 personal property accounts totaled $22,583,125, an increase of $6,677,804 from the 2013 personal property total.O’Loughlin said a 2014 sale and relocation of Tri-Town Precision Plastics to Massachusetts-based Smith and Wesson Co., and a new local subsidiary, Deep River Plastics, had resulted in 224 new personal property accounts for machinery and equipment. But the assessor cautioned that many of these accounts would be eligible for tax deferrals under the state’s Manufacturing Machinery Program, which could lead to some reductions in the higher personal property totals in 2015.
The town’s 2,186 real estate accounts have an assessment total of $442,825,060, an increase of $2,1778,120 from the 2013 real estate total. O’Loughlin said there were four new homes completed in 2014, along with several renovations and expansions of existing dwellings. The town’s 4,800 motor vehicle accounts have an assessment total of $34,144,224, an increased of $289,394 from the 2013 total.
First Selectman Richard Smith said the increase was higher than he anticipated, and good news for the town. “It’s the best increase we’ve had in several years,” he said, adding, “it’s going to help an awful lot with the budgets this year.” The town is conducting a statistical revaluation update of all real estate properties this year, with any changes to be reflected on the October 2015 grand list.
Following are the town’s top 10 taxpayers, along with the assessment totals. The Boyd-Dernocoeur, Olson, and Cribiore accounts are for high value residential properties.