Portland’s grand list dropped by 6.64 percent in 2011, a decrease that could mean a sizeable tax increase in fiscal 2012-2013, which begins July 1.
The town’s grand list, the inventory of all taxable properties in town, dropped by nearly $57 million in 2011, from $855.9 million to $799.05 million. The decrease was largely the result of a decline in real estate values last year following a revaluation of all real estate in town. Real estate values in Portland dropped by more than 8 percent in 2011, falling from $760 million to $696 million.
First Selectwoman Susan Bransfield has proposed a $30.5 million budget for next year, which represents an increase of 2.3 percent over this year’s budget. The proposed increase, coupled with the decrease in the grand list, would require a tax rate hike of about 2 mills next year, Bransfield said in a press release.
The board will hold a public hearing on the budget tonight at 7 p.m. in the Portland High School auditorium.
The grand list figures this year show increases in both personal property and motor vehicle assessments. Personal property values jumped nearly 10 percent in 2011, increasing from $29 million to $32 million. Motor vehicle assessments rose by a little more than 6 percent, increasing from $66.2 million to $70.3 million.
The town’s top 10 taxpayers in 2011 were:
- Connecticut Light & Power: $12.8 million
- St. Clements Foundation Inc.: $4.7 million
- Perry Portland Associates LLC: $4.3 million
- Jarvis Airfoil Inc: $2.6 million
- Buckeye Cattle Company LLC: $2.6 million
- Portland Care and Rehabilitation: $2.2 million
- Safety-Kleen Systems Inc: $1.9
- Woodgreen Portland Limited Partnership: $2.1 million
- Chatham Ridge Associates LLC: $2 million
- Pharmagraphics Inc.