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Fairfield's 2012 grand list of $10.9B again charts small rise

Updated 7:10 am, Wednesday, February 6, 2013
  • General Electric's corporate headquarters on Easton Turnpike, the town's top taxpayer for many years, was again ranked No. 1 in 2012 with an assessment of about $74 million. Photo: File Photo / Fairfield Citizen
    General Electric's corporate headquarters on Easton Turnpike, the town's top taxpayer for many years, was again ranked No. 1 in 2012 with an assessment of about $74 million. Photo: File Photo

 

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FAIRFIELD'S TOP 10 TAXPAYERS
Owners and total assessed value of property.
1. General Electric, corporate headquarters $74,039,200
2. Kleban Holding Co., real estate developer $73,999,044
3. Connecticut Light & Power, electric utility $60,582,830
4. Alfred Lenoci, real estate developer $56,891,593
5. Aquarion Water Co., water utility $54,743,450
6. United Illuminating, electric utility $30,178,870
7. Roberts Properties, real estate developer $26,762,896
8. Bradley and Karin Jack, residential homeowners $24,453,790
9. Robert Scinto, real estate developer $23,129,680
10. Trust Realty, real estate developer $21,175,070
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Fairfield's grand list of all taxable properties showed modest growth for the second year in a row.

The net grand list increased by $42,117,664, or 0.39 percent, to $10.899 billion, compared to $10.857 billion in 2011.

It was the second straight year that local growth was relatively slow.

In 2011, the grand list rose less than 1 percent as well, from $10.78 billion.

Assessor Donald Ross Jr. said the overall increase is slightly more than the statewide median and "about what I expected."

Ross said the grand list charted an increase in real estate values due in large part to completion of the Kings Crossing Shopping Center at Grasmere Avenue and Kings Highway, as well as the sale of the former main Post Office building at 1262 Post Road, shifting that property from tax-exempt to taxable status.

Construction of new homes, additions and alterations also added to the local realty tax base, he said.

Real estate assessments increased $26,777,810 over the 2011 list, and residential properties account for 88 percent of that number, while commercial and public utilities make up 10.4 percent and industrial properties comprise 1 percent.

Personal property also increased for the 2012 grand list by $19,178,449, or 7.9 percent.

Personal property includes the furniture, fixtures, machinery and equipment owned by commercial enterprises.

Ross said the increase is primarily because of equipment acquisitions by General Electric, Southern Connecticut Gas and United Illuminating.

The grand list saw a decrease in the value of motor vehicle assessments, which declined $3,838,595, or .81 percent.

"While the 2012 vehicle count of 47,583 is little changed from last year, the decrease of assessments is consistent with decreases experienced by other Connecticut municipalities," Ross said.

He said it may be attributable to normal depreciation and replacement of more expensive vehicles with cars of lesser value.

Among the list of the town's 10 largest taxpayers, General Electric reclaimed the top spot for 2012, after being knocked to second on the 2011 list by the real estate developer and commercial landlord, Kleban Holding Co. Kleban fell back to No. 2 on the latest list.

The GE corporate headquarters on Easton Turnpike has an assessment of $74,039,200 on the 2012 grand list, while Kleban Holding's properties carry an assessment of $73,999,044.

The Kleban family firm owns commercial properties both downtown and on Black Rock Turnpike, including the Brick Walk shopping complex and the Post Road retail complex that houses the Fairfield University Bookstore.

The only residential property among the town's 10 most valuable properties once again the 20-acre Sasco Point property owned by Karin and Bradley Jack, which that is assessed at $24,453,790.

The 10 most expensive properties account for a combined $445,956,423 of the grand list.

All of the grand list figures are subject to change by the Board of Assessment Appeals, which meets in March to consider any appeals filed this month.

FAIRFIELD'S TOP 10 TAXPAYERS

Based on total assessed value of property owned.

1. General Electric, corporate headquarters, $74,039,200

2. Kleban Holding Co., real estate developer, $73,999,044

3. Connecticut Light & Power, public utility, $60,582,830

4. Alfred Lenoci, real estate developer, $56,891,593

5. Aquarion Water Co., water utility, $54,743,450

6. United Illuminating, electric utility, $30,178,870

7. Roberts Properties, real estate developer, $26,762,896

8. Bradley and Karin Jack, residential homeowners, $24,453,790

9. Robert Scinto, real estate developer, $23,129,680

10. Trust Realty, real estate developer, $21,175,070