Fairfield grand list sees highest growth since 2007
FAIRFIELD — The town saw its largest year-over-year grand list growth since the housing market crash over 10 years ago.
That’s a good sign, town officials say.
According to the Tax Assessor’s Office, the town’s grand list went up by $98,573,859, equivalent to a 0.91 percent increase from the 2017 grand list.
All taxable property in town now amounts to $10,876,313,517.
“It’s a pretty healthy and significant increase,” said Mark Barnhart, director for the Office of Community and Economic Development. “The grand list itself is almost $11 billion and to move that needle by a percentage point shows a pretty good year.”
First Selectman Mike Tetreau praised the commercial and business investments in town, but — like in his State of the Town address — noted that expanding commercial activity in town to keep tax increases low is a goal for coming years.
“We still have more work to do on growing our commercial tax base to help us manage our tax burden,” Tetreau said.
Combined Top 10 Taxpayers
1. Aquarion Water Company - $56,126,950
2. Connecticut Light & Power Company - $55,217,000
3. United Illuminating Co. - $49,130,710
4. Southern CT Gas Company - $36,305,190
5. Jack Bradley H & Karin S - $21,772,310
6. BRCD Holdings LLC - $19,638,120
7. BSL Fairfield Development LLC - $18,633,510
8. T-C Kings Crossing LLC - $18,115,790
9. Kings Highway Realty LLC - $15,431,920
10. Car Uni CT Fair LLC - $13,625,080
Barnhart cited commercial accounts had increased by 2.8 percent over the current year. He cited the assisted living facilities, Sturges Ridge of Fairfield and Maplewood at Southport, fully and partially constructed as factors of commercial and building growth.
“This is a good start and a sustainable path with a number of other projects in the pipeline,” Barnhart said.
Residential property accounts for nearly 90 percent of the grand list value, according to Barnhart. Real estate values abide by a 2015 evaluation, and a re-evaluation is slated for 2020.
The top taxpayer in 2018 was Aquarion Water Company, whose accounts were assessed at a total of $56,126,950. The water company was followed by Connecticut Light & Power Company and United Illuminating Co.
The loss of General Electric in 2016 took a toll on the grand list in recent years, reducing taxable property by $9.7 million and offsetting gains in personal property value according to the Tax Assessor’s Office.
The town’s motor vehicle list increased by 0.57, amounting to $522,872,535 for 2018.
Correction: An earlier version of this story stated that Aquarion Water Company had paid $56,126,950 in taxes. This amount is the assessment of their property per the Tax Assessor’s Office.