February 8th, 2012 | City

Grand List shows growth in taxable property

Nhskyline_eastshore-1
Photo by Wikimedia Commons.

New numbers out from City Hall show a growth of $860 million in the total assessed value of all taxable property in the city.

The city’s most recent grand list, released in a Tuesday press release from the mayor’s office, shows a 16.7 percent increase in total property value over last year. The majority of the change in total property value is due to property revaluation. Approximately one-sixth of the change, or $139 million, is attributable to net new growth, which Mayor John DeStefano Jr. said indicates improved economic conditions in the Elm City.

“Last year, New Haven experienced the strongest Grand List growth in the state. New Haven continued to experience strong growth again this year, yet another indicator that the City’s economic development initiatives are succeeding,” DeStefano said in a press release.

Of the 20,855 residential properties in New Haven, 46 percent increased in value in the latest revaluation, while 54 percent decreased. Using 2010 rates, the growth would generate over $6 million in new tax revenue using 2010 rates, DeStefano said.