The October 1, 2012, Naugatuck Grand List has been finalized and can be viewed here. A grand list represents the total amount of taxable property located within a municipality. The new grand list, which has been completed after the first revaluation of real property (land and buildings) since 2007, indicates a decrease of just over twenty three (23%) percent from the 2011 grand list.
The largest factor in this decrease is the impact that the recession had on property values relative to real property. Real estate values decreased by twenty six and 36/100ths (26.36%) percent from the 2011 grand list, which was still based on 2007 market value. Taxable personal property increased by nine and 6/10ths (9.6%), largely resulting from investments in business machinery and equipment. The motor vehicle portion of the 2012 grand list dropped by two and 4/10ths (2.4%) percent from 2011 levels. All valuations are subject to the appeal process authorized by state statute.
The impact of the reduction in the grand list relative to the mill rate and taxes will not be known until the Borough’s 2013-2014 budget is finalized. (A mill represents $1.00 of taxes for every $1,000.00 of taxable property.) While most real property values have been reduced, the mill rate will increase to compensate for the loss in local revenue. How that impacts local taxpayers will depend on the actual mill rate adopted, the new value of their real property, and the value of motor vehicles and/or personal property owned.
We would like to thank Borough Assessor George Hlavacek and his staff for completing the enormous task of implementing the Borough’s first revaluation in five (5) years as required by law.