The City of Bristol has released the 2019 grand list, which saw net increases in real estate, personal property, and motor vehicles, as well as an increase of $6,158,256 overall.
The net grand list total value is approximately $3.95 billion. Real estate was assessed at $3,249,777,126, personal property was assessed at $314,359,153, and motor vehicles were assessed at $383,762,770, as of Oct. 2018.
City Assessor Tom DeNoto said real estate saw a 0.33 percent or $10.7 million increase from 2017 to 2018. Personal property saw a 5.7 percent increase, or a just shy of $17 million increase. Similarly, motor vehicles saw an increase of 0.69 percent, of an increase of $2.6 million.
DeNoto explained that last year the only category that saw growth was real estate. He explained that much of this year’s increase is due to new real estate accounts in the city, as well as development projects that have “phased-in assessments,” which are beginning to be taxed.
If the mill rate stays the same (currently 36.88), the city would have seen a “growth of about $1.3 million in tax revenue,” according to DeNoto, which he attributed to the hard work of the staff of the City Assessor’s office. For example, there are approximately 54,000 motor vehicles on the regular list, and DeNoto explained that about 8,000 vehicles came in unpriced.
ESPN, Connecticut Light & Power and Eversource, and Covanta Energy continue to be the top three taxpayers in town.
The total net assessment for ESPN is $218,205,850, of a 5.57 percent increase from last year. CL&P was assessed at $61,328,340, of a 1.57 percent increase, and Covanta was assessed at $33,993,170, of a 0.87 percent increase.
According to DeNoto, the next valuation will take place in the year 2022.
DeNoto said that within the next two years, there could be approximately 125 to 150 residential unit developments in Bristol, which he described as “substantial for the City,” when you considered that most of Bristol is already developed.
There are several residential developments that are in the construction process, some of which will be on an assessment phase-in schedule, meaning that the value of these properties will be phased-in, likely over a ten year period.
One such property is the Bristol Hospital downtown ambulatory care center being built on the old Center Mall property. DeNoto explained that this property has been taxed during construction, but will switch to a 10-year phase-in, once the certificate of occupancy has been issued.
The current mill rate, set as of July 1, 2018, is 36.88. DeNoto said that the mill rate for the new fiscal year will be announced in late May, early June, once all of the budgets have been vetted by the Board of Finance and City Comptroller Diane Waldron.
To comment on this story or to contact staff writer Taylor Murchison-Gallagher, email her at TMurchison@BristolObserver.com.