Grand List Experiences Healthy Growth in 2022

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Did you know that the Suffield Gross Grand List consists of over $2 Billion in assessed value? The exact figure is $2,115,293,404 for the 2022 Grand List effective 10/1/2022.

The Gross Grand List is reduced by property tax exemptions authorized by Connecticut General Statutes and administered by the Assessor’s Office to arrive at the Net Taxable Grand List. Property tax exemptions of $531,770,690 have been allowed for the 2022 Grand List. Examples of exemptions include: property owned by the State, the Town, certain religious, and charitable organizations, and eligible manufacturing equipment. Exemptions also are allowed for eligible blind and/or disabled taxpayers, veterans, and active-duty military members.

The 2022 Net Taxable Grand List is $1,583,522,714 and has grown 2.04% or $31,619,133 as compared to the final 2021 figure.

The Net Taxable Grand List is the total amount of property assessments on which taxes may be collected. The mill rate is calculated by dividing the Grand Levy by the Net Taxable Grand List. The Grand Levy is the amount of revenue that must be raised from property taxes. The mill rate is set in May after the Annual Town Meeting approves the budget.

The Real Estate Taxable Net Grand List has increased by $15,874,570 [1.23%]. Growth is attributed to:

Twenty-six (26) new houses have been completed since the 2021 GL and 37 houses are in process. Hidden Way, Kings Meadow, Metacomet Ln, and Stonegate Ln and Phase II of Suffield Chase (Dylan Drive) subdivisions are actively being built.

Approximately 400 properties changed value through the Assessor’s office inspection of building permits, review of real estate listings and other discovery.

The Personal Property Taxable Net Grand List increased by $6,785,377 [7.43%]. There are currently 730 active Personal Property accounts. Personal Property includes non-Connecticut registered motor vehicles, horses and ponies, and moveable assets owned by businesses and farms. The most notable increases were from Connecticut Light & Power (nearly $7M) and Connecticut Water ($800,000).

This year the Motor Vehicle Grand List grew by 5.37% ($8.9M). Typically, as a vehicle ages, its value decreases. Last year we saw a 25% increase in the Motor Vehicle portion of the grand list as prices for new and used vehicles rose with used vehicles rising dramatically since demand far outstripped supply. This year we continued to see value increases for some used motor vehicles. Approximately 10,500 vehicles were on both this year’s and last year’s Grand Lists. About 24% of those vehicles increased in value this year, while the remaining 76% of those vehicles will have a lower assessment this year. The 2022 Motor Vehicle Net Taxable Grand List increased by 347 vehicles to a total of 14,723.

The Assessor used the October 2022 JD Power (formerly NADA) Clean retail value to assess motor vehicles for the 2022 Grand List. A law has passed to change the motor vehicle valuation method from a market value basis to a depreciated Manufacturer Suggested Retail Price (MSRP) basis. This change is slated to be in effect for the 2023 Grand List.

The final Net Taxable Grand List figure will be determined after adjustments made based on the decisions of the Board of Assessment Appeals.

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