PROSPECT — The town’s net grand list increased, although slightly, for the seventh year in a row.
Prospect’s 2019 net grand list is $872.3 million, an increase of $8.1 million, or 0.94%, over the 2018 net grand list.
A municipality’s net grand list is a tabulation of the assessed taxable values of real estate, personal property and motor vehicles.
Based on the 2019-20 tax rate of 30.95 mills, the increase in the grand list equates to $251,661 in additional tax revenue.
Mayor Robert Chatfield said the increase shows that Prospect continues to head in the right direction.
“We are still growing,” Chatfield said. “There are a couple of bigger buildings going up in the industrial park and along Waterbury Road.”
The assessed value of real estate increased by nearly $6.5 million, or 0.88%, to $748 million.
Chatfield said the increase is primarily due to new and partial homes constructed at Regency at Prospect, a community for people 55 years old and older.
The assessed value of motor vehicles increased by $1.93 million, or 2.14%, to about $92 million.
Chatfield said people are buying newer cars. He said there is still more vehicles registered in town than residents.
The assessed value of personal property was the only section of the grand list that decreased. It went down by $289745, or 0.89%, to about $32.2 million.
Chatfield said the decrease is due to businesses not buying as much equipment and the depreciation of older equipment.
“People are just not buying as much machinery,” Chatfield said.
A property revaluation is planned in town this year. A full revaluation is required every 10 years under state law. A revaluation can dramatically shift the value of property and potentially have a large impact on the grand list.
Chatfield feels the town is in good shape and hopes that will result in a positive revaluation.
“By being healthy, hopefully all the real property will maintain its value,” Chatfield said.
Top 10 taxpayers
Yankee Gas Services Co.…$8,318,410
Connecticut Light and Power…$7,779,810
Geloso Enterprises LLC…$5,139,810
166 Waterbury Caf LLC…$5,086,050
Paulmar Associates Limited Partnership…$4,303,270
Cassata Joseph & Vincenza (CVS)…$3,074,660
Toll CT Limited Partnership…$2,996,580
The Connecticut Water Co…$2,891,109
43 Candee LLC…$2,690,550
ACAR Leasing LTD…$2,669,170
The figures denote the combined real estate, personal property and motor vehicle assessments for the taxpayers listed. Figures provided by Prospect Town Hall.