PROSPECT — The combination of a sluggish economy and a recently completed property revaluation contributed to a 5.9 percent drop in Prospect’s 2011 net grand list from 2010.
The total net grand list for Oct. 1, 2011 is $783,683,477, a decrease of nearly $46 million from the 2010 grand list.
A town’s grand list is the total valuation of taxable property within a town. The grand list is broken down into three categories — motor vehicles, personal property, and real estate.
Real estate values declined nearly $50 million from $738,262,795 in 2010 to $688,341,570 for the 2011 grand list.
Assessor Vincent Leone said the decline in real estate reflects the revaluation that went into effect for the 2011 grand list. While some home values went up and others went down, he said, on average home values dropped 7 percent in town following the revaluation.
Personal property, which covers items and equipment owned by businesses, values also declined in the new grand list. For the 2011 grand list, personal property values dipped $393,477 or 1.8 percent to $21,589,887.
Leone said people and businesses aren’t buying many new items, but rather holding the status quo. The items they do have are depreciating, he said.
“That’s our economic picture that we’re in now — the whole state and whole country,” Leone said.
Motor vehicle values saw the only increase. Motor vehicle values rose $4,324,602 or 5.9 percent from the 2010 grand list to $73,752,020.
Leone said the town didn’t have many more cars than it did in the 2010 grand list and felt more people are trading their cars up for newer models.
The decline in the grand list equates to a loss in tax revenue.
Mayor Robert Chatfield said Prospect is a bedroom community and doesn’t have a large industrial base like larger cities. Although the town will lose tax revenue due the drop in the grand list, he said everyone in town is going to be treated more equitable because property assessments are based on the values as of Oct. 1, 2011.
Chatfield said he will be thriftier when putting together his budget for this year than he was last year when he put together a budget that lowered the mill rate slightly. He added that his first call after finding out about the drop in the grand list was to school officials in Region 16 to inform them of the need to be even more frugal with the school budget this year.
“I’ll be even more frugal than I was last year,” Chatfield said.
Top Ten Taxpayers
Toll CT Limited Partnership, $6,528,670
Connecticut Light & Power, $5,174,540
Prospect Medical LLC, $5,095,120
Paulmar Associates Limited Partnership, $3,819,240
The Connecticut Water Co., $3,179,330
43 Candee LLC, $2,669,160
LRH LLC, $2,353,490
Health Care Reit Inc., $2,293,800
Mobile Home parks Inc., $1,950,450
Yankee Gas Services Co., $1,741,520
The figures represent the total assessment for real estate and personal property. List provided by the Prospect Assessor’s Office.