Fairfield's grand list grows by 1 percent

A photo of the Old Town Hall in Fairfield taken on Feb. 18 2020.

A photo of the Old Town Hall in Fairfield taken on Feb. 18 2020.

/ Josh LaBella

FAIRFIELD — Fairfield’s grand list grew by 1 percent in 2019, marking the largest increase the list has seen since 2007.

The town’s total property value increased by $109,824,624 to $11,084,712,000 by October 2019, according to a report from the assessor’s office.

The grand list is a tally of all the taxable assets — real estate, motor vehicle and personal property — in a municipality. In Connecticut, the assessed value is 70 percent of the fair market value determined by the assessor.

The increase eclipses the growth of the previous year by .09 percent. At the time, town officials said it was a good sign.

According to a release by the office of economic development, growth in commercial real estate and business personal property accounted for roughly half of the increased value, with commercial accounts increasing 2.7 percent over the current year.

“Two new assisted living facilities helped lead the way, accounting for roughly $15 million in increased valuation,” the release said. “Commercial and industrial property represents 10 percent of the total grand list, though only 4.5 percent of the Town’s land area is zoned for commercial uses.”

The release said real estate, which makes up more than 90 percent of the taxable property in town, increased by $71,844,110 or 0.71 percent to a total of $10,213,475,455. Fairfield’s net 2018 Motor Vehicle List of $522,872,535 increased by $13,385,624 or 2.56 percent to $536,258,176 for the October 1, 2019 list.

Personal property, which is the furniture, fixtures, machinery and equipment owned by commercial enterprises, went up by 7.92 percent to $334,978,369.