The town’s Grand List of taxable properties shrank by 4.88 percent in the past year, mostly because of the decline in the real estate market, according to assessor Eva Lintzner.
“The current decline in the real estate market has a direct effect on the real estate values which showed a 5.84 percent drop from the 2009 values which were established during the 2005 renovation,” Lintzner said in a statement released this week.
She pointed out that real estate was revalued for the Oct. 1, 2010 Grand List.
The total of taxable property now stands at $1.39 billion, including $1.20 billion in real estate, $102,811,690 in motor vehicles, and $89,997,100 in personal property.
The trends were not all down though.
Motor vehicle values increased by 5.09 percent because more vehicles were purchased, Lintzner said, adding that “we’re seeing that the older vehicles are holding a higher value.”
The drop in the Grand List means theoretically that it will take a mill rate increase to fund the same amount of money in the budget.
But it is not all that simple, because there are so many factors involved in the budget process.
If someone’s real estate is worth less, they would not necessarily be paying more per year in taxes, said James Hliva, finance director for the town.
“If the mill rate were to rise by a corresponding amount, people would not be paying any more in taxes,” Hliva said.
The assessor listed the town’s top 10 taxpayers, in terms of personal property.
1. Algonquin Gas Transmission LLC, $42.83 million.
2. Connecticut Light & Power Co., $20.55 million.
3. Yankee Gas Services Co., $3.07 million.
4. Heritage Village Water Co., $2.33 million.
5. Aquarion Water Co., $1.47 million.
6. Roller Bearing Holding Co. Inc., $1.18 million.
7. Guerrera Construction Co., $741,510.
8. GCLC Inc., $727,660.
9. TMLP Sand & Gravel LLC, $692,090.
10. M&O Construction, $671,720.
The top ten, in terms of real estate:
1. Firstlight Hydro Generation Co., $5.04 million
2. HF Industrial Park Limited Partnership, $4.92 million
3. Glendale at Oxford LLC, $3.63 million
4. Pulte Homes of New England LLC, $3.47 million
5. Timberlake Golf Partners LLC, $3.47 million
6. Algonquin Gas Transmission LLC, $3.29 million
7. Mountain Road Estates LLC, $3.08 million
8. RMS Corp., $2.50 million
9. Fernando and Paula Pires, $2.26 million
10. William H. Joyce, $2.18 million
First Selectman Mary Ann Drayton-Rogers released the following statement on the grand list:
“The percentage decrease in the Oxford grand list concerns me as part of the overall budget process, but it is only one portion of the budget picture.
Other factors which need to be considered are the continued economic downturn which is reflected in the decrease of municipal revenue, the cuts being discussed at the state budget level and the board of education deficit which lowers the town’s general fund balance.
As of this moment, we do not have a final operating number for the municipal budget or the education budget.
All factors have to be considered in the overall financial process. While real estate and personal property numbers declined, motor vehicle numbers increased.
Overall, more real estate properties declined in value then increased which means an increase in the mil rate based on the 2011-12 budget can be absorbed by a large percentage of the taxpayers in Oxford. That number is yet to be determined and will be set by the board of finance at the end of the budget process.”
The letter and partial list:
