The 2011 Grand List of taxable property is $922,212,532, according to . The 14.9 percent, or $162,306,740, decline of Middlebury's 2011 Grand List was directly impacted by the 2011 revaluation, he said.
Motor vehicle and personal property grand lists each saw an increase in 2011.
The grand list is how the town establishes a mill rate after revenues and expenditures necessary for education and government services are taken into account.
There are three components to the grand list:
- Real estate
- Motor vehicles
- Personal property
The real estate assessment valuation decline in 2011 was $172,250,585, or 17.4 percent, from 2010's assessment.
The decline was directly impacted by the 2011 revaluation, which measured the cumulative impact in real property value since the 2006 revaluation took place, Kenny reported.
In Connecticut, real property revaluation is required every five years.
- National and regional real estate value deflation, as impacted by the recession, according to Kenny.
New Home Permits
Kenny said that four new home permits were issued from October through January.
"We are hoping that is the signal of a positive trend," he said.
The 2011 motor vehicle grand list increased by $3,693,400, or six percent, due to new car purchases and trade-up activity, according to Kenny.
Personal property refers to equipment used to operate a business, such as computers and desks.
The 2011 personal property grand list increased by $6,250,445, or 17.4 percent, since last year. Kenny said existing businesses reported increased purchasing of equipment over the last year.
He also reported new businesses in town over the past year:
- International Union of Operating Engineers
- Middlebury Dermatology
- SPP Fund III, LLC
Top 10 Taxpayers of 2011
- Preston Park 2004 LLC -- $16,227,800
- -- $11,385,039
- Middlebury Edge, LLC -- $7,820,030
- Anzaroot Acquisitions, LLC -- $6,524,000
- Connecticut Light & Power Company -- $6,416,318
- Ridgewood at Middlebury, LLC -- $5,030,847
- Middlebury Land Development, LLC -- $5,016,400
- Midex, LLC -- $4,536,000
- -- $3,945,777
- -- $3,607,178