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Mayor Releases Grand List Figures. January 31, 2008 As a result of the 2007 revaluation process, New Britain's Grand List increased by 41.8%, Mayor Timothy Stewart announced today. "The results of our latest revaluation show that steady economic growth continues in New Britain," Stewart said today. "The solid increase in property values indicates that we are on the right track in expanding our tax base, creating more jobs and opportunities for New Britain residents." Figures released today by the City Assessor's Office indicate that real estate had a net increase of 51.42% over last year with the largest increase coming in the value of residential property. According to the report the value of the average home in New Britain (including single and multi-family dwellings) increased by 50.86% The personal property list actually dropped by 2.96% as a result of increased exemptions provided to manufacturers by the state, while the motor vehicle Grand List increased by 3.17% over the previous year. The total Grand List for New Britain increased by $873,594,719 to an all-time high of $2,962,955,325. "What this means is that the value of properties in our community continued to grow during the past five years," Stewart said. "Our efforts to make New Britain a more attractive place to live work and raise a family are showing real results. "People with single-family homes saw a significant increase in their property values while those with investments in multi-family homes saw even greater increases in their property values." Stewart noted that it is much too soon to speculate on what the new property values will mean when it comes to budget deliberations and setting of the new mill rate. "Clearly the mill rate will drop by a significant amount as a result of these new figures. While it is possible there will be an increase in taxes on residential properties, there will be offsetting reductions in the taxes on the motor vehicles New Britain residents own. "It is my intention to continue to work to hold the line on spending and to keep the burden off the backs of our local taxpayers. Much will depend on the work of the Board of Finance and the ability of the Common Council to trim any spending increases in the proposed department budgets. "New Britain residents demand and deserve our best efforts to keep the burden of local property taxes as low as we can make it," Stewart concluded. Below is a list of the top ten taxpayers in New Britain (2007 Net Grand List)
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