BERLIN – Due to home values increasing and more overall commercial development, the town’s value of taxable property grew by 5.24 percent.
“The market has gone up since 2012,” said Joe Ferraro, town assessor.
The recent revaluation, as part of the reassessment program, resulted in increases for most residential properties. In total, real estate increased by 5.03 percent, or $92 million, over the previous year.
Berlin was one of nearly a dozen surrounding towns that saw a grand list increase due to revaluations in 2017.
Nearby New Britain had a 5.95 percent total increase while Cromwell’s list grew by 6.80 percent. Towns further away like Guilford and East Windsor had more than a half percent to over a 3 percent decrease as a result of the 2017 revaluation.
Motor vehicle values in Berlin contributed to the overall grand list boost with an increase of 8.44 percent or $16.1 million. Ferraro said more people are buying new cars as opposed to previous years.
New development in town like the Acura Dealership and retail space on the Berlin Turnpike assisted in a 4.04 percent increase in personal property, or $7.6 million.
“It’s tremendous,” said Chris Edge, town director of economic development. “Positive growth is also creating new jobs.”
He said the goal moving forward is to find additional development with focus on the turnpike and Christian Lane.
A list of the top ten taxpayers in town is not yet available.
Ferraro said old and new businesses continue to buy new equipment for their operations which in turn increases the value of personal property.
On the downside however, both personal property and motor vehicles depreciate each year.
“It depends on the economy,” Ferraro said. “To break even you have to get new business in town and hopefully people continue to buy cars.”
Based on the increased assessments, over $3 million in additional revenue could be generated using the current mill rate of 31.61.
Taxpayers can request a meeting with the Board of Assessment of Appeals through the assessor’s office until Feb. 20. Any changes made will be reflected in the final grand list number in May.
The tax rate for the 2018-2019 fiscal year will depend on that number.
Appeal hearings will start next month.