By Elio Gugliotti, Editor
PROSPECT — The town’s 2020 net grand list increased 3% from 2019.
A municipality’s net grand list is a tabulation of the assessed taxable values of real estate, personal property and motor vehicles.
The 2020 grand list is $896.6 million, an increase of nearly $24.3 million from 2019.
“I think it shows that the town is, in fact, doing very well,” Mayor Robert Chatfield said about the growth.
An increase in real estate values drove the overall grand list growth. The assessed value of real estate increased by about $17.9 million, or 2%, to $766 million.
Assessor Betsy Quist attributed the increase mostly to a recently completed property revaluation. She said a breakdown of the impact of revaluation on specific types of properties, like single-family homes, wasn’t available.
Quist also said there were more homes built at Regency at Prospect, a community for people 55 years old and older, which helped increase overall real estate values.
The nearly $17.9 million growth in total real estate value is more than twice the amount this area increased in 2019 from 2018.
The state requires municipalities to perform property revaluations every five years to assess the market values of real estate for tax purposes. The firm eQuality Valuation Services out of Waterbury conducted Prospect’s revaluation.
The period to appeal new assessments is coming to a close. People who want to appeal their assessments have to submit applications to the assessor’s office by the end of the day Friday. Applications are available on the town’s website, www.townofprospect.org.
The assessed value of motor vehicles increased by $3.9 million, or 4%, to about $95.9 million.
Quist said more people have newer cars.
The assessed value of personal property went up $2.4 million, or 0.75%, to $34.6 million. The increase comes a year after the value of personal property went down slightly.
Based on the 2020-21 tax rate of 31.6 mills, the increase in the grand list equates to about $767,800 in additional tax revenue.
Chatfield said it’s still too early to tell how the grand list growth will impact the 2021-22 budget overall. Budget workshops are slated to start soon.
Top 10 taxpayers
166 Waterbury CAF LLC…$9,577,160
Connecticut Light and Power…$8,535,910
Yankee Gas Services Co.…$8,169,700
Geloso Enterprises LLC…$5,710,140
Paulmar Associates Limited Partnership…$4,440,170
Cassata Joseph & Vincenza…$3,472,710
The Connecticut Water Co…$2,962,186
Toll CT Limited Partnership…$2,771,900
43 Candee LLC…$2,615,910
The figures denote the combined real estate, personal property and motor vehicle assessments for the taxpayers listed. Figures provided by Prospect Town Hall.