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PRESS RELEASE
2006 Grand List Completed
The Norwalk Tax Assessor’s Office has completed and filed the final assessments for the October 1, 2006 Grand List. The October 1, 2006 real property assessments have been updated to reflect new construction and the final implementation of the four-year phase-in of the October 1, 2003 revaluation. Under the phase-in adopted by the Common Council, 25% of the increase in assessment resulting from the 2003 revaluation is reflected in each year from the 2003 Grand List to the 2006 Grand List. The assessments from October 1, 2006 represent the values that will be used to calculate property taxes for the fiscal year that starts July 1, 2007, and ends on June 30, 2008.
The table below summarizes the October 1, 2006 Grand List compared to October 1, 2005.
|
2005 at Abstract(Feb) |
% of Total |
2006 at Abstract(Jan) |
% of Total |
Variance |
% Change |
|
|
Real Estate |
$8,473,131,992 |
89.49% |
$9,567,166,945 |
90.20% |
$1,094,034,953 |
12.91% |
|
Personal Property |
$463,499,649 |
4.90% |
$505,997,412 |
4.77% |
$42,497,763 |
9.17% |
|
Motor Vehicle |
$531,673,007 |
5.62% |
$533,400,054 |
5.03% |
$1,727,047 |
0.32% |
|
TOTAL |
$9,468,304,648 |
$10,606,564,411 |
$1,138,259,763 |
12.02% |
In total, the City’s Grand List is increasing by 12.02%, with real estate assessments increasing by 12.91%, personal (business) property by 9.17%, and motor vehicles by .32%. As a result of the increase in the Grand List, the mill rates for FY 2007-08 will be reduced from the current rates.
Based on the 2006 Grand List, real estate comprises a slightly larger percentage of the total tax base, increasing from 89.49% to 90.2%. This is due primarily to the final year of the phase-in of the 2003 revaluation. Residential and commercial real estate increased at about the same rate. Business personal property and motor vehicles comprise a somewhat smaller portion of the Grand List.
The real growth of the Grand List, factoring out the effect of the phase-in was 2.47%. “This is the second year in a row that the growth in the grand list is greater than 2%. It is the first time that has happened since the 1980’s.” said Tax Assessor Ken Whitman.
The top taxpayer list remains essentially the same. Once again, Merritt 7 Venture, LLC, which owns six buildings at the Merritt 7 office complex, tops the list with a net assessment of $180,242,020. The top residential taxpayer is Michael Jaharis of 18 Valley Road with a net assessment of $8,394,043. The top ten are:
| OWNER NAME | ASSESSMENT | LOCATION | BUSINESS TYPE |
| MERRITT 7 VENTURE LLC |
$180,242,020 |
101-601 Merritt 7 |
6 Office Bldgs |
| CONN. LIGHT & POWER |
108,003,181 |
District 1, 2, 4, 5, 6, 7 |
Electrical Distribution |
| TWENTY FIVE GLOVER PARTNERS LLC |
52,034,640 |
901 Main Ave. |
Office Bldgs |
| THIRTY FIVE GLOVER PARTNERS LLC |
49,392,000 |
801 Main Ave. |
Office Bldgs |
| SP III RIVER PARK LLC |
49,015,680 |
800 Connecticut Ave. |
Office Bldgs |
| 45 GLOVER PARTNERS LLC |
46,643,240 |
45 Glover Ave. |
Office Bldgs |
| DIAGEO NORTH AMERICA INC |
41,727,441 |
801 Main Ave. |
Beverage Manuf. |
| MERRITT RIVER RESIDENTIAL LLC |
35,123,270 |
399 Main Ave. |
Office Complex |
| NORWALK CENTER LLC |
35,066,780 |
10 Norden Pl. |
Office, Ind. Complex |
| NORWALK POWER LLC |
34,865,911 |
3 Longshore Ave |
Power Plant |
Norwalk property owners should expect to receive Assessment Change Notices from the Tax Assessor within the next week. The change notice will inform property owners of their new assessments based on the fourth and final year phase-in of the 2003 revaluation, and any other assessment changes applicable to their property. The notice will also provide taxpayers with the instructions for filing an appeal of their 2006 assessment with the Board of Assessment Appeals. The deadline for filing an appeal is Tuesday, February 20, 2007.
