PLAINVILLE — The town’s grand list grew by nearly $15.7 million in 2019, yielding over $500,000 in additional tax revenue.
“I'm very pleased. That’s a significant change in what we've been seeing over the past several years and it certainly bodes well for our ability to plan as we continue to build our budget,” said Town Council Chairperson Katherine Pugliese.
The grand list is the sum of all the taxable property in town, excluding any abatements or exemptions property owners have received. This year’s increase brought the total grand list to $1.41 billion, a 1.1 percent increase, the largest jump in over a decade.
“It had been staying at that particular 0.5 (percent) ... for several years. There was not a lot of movement in our grand list for quite some time,” Pugliese said.
The largest area of growth was in personal property, which rose by $5.75 million to $140 million, a 7.3 percent increase when abatements are taken into account. Town Manager Robert Lee said the expansion in personal property was led by companies purchasing new business assets, along with some tax abatements that expired.
Assessor Ann Marie Heering cautioned that personal property does tend to fluctuate year-over-year, however this year’s performance could hint that companies are investing locally.
“The economy’s doing pretty good; companies are doing well,” she said.
The real estate assessments also rose by $3.1 million to $1.17 billion, while the value of motor vehicles in town grew by $4.84 million to $155 million, despite there being 95 fewer cars registered in town.
Pugliese hopes that latter point suggests that residents are feeling secure enough to replace aging cars with new ones worth more.
“Perhaps in light of everything, people are feeling more secure in their employment and they're making investments in vehicles and housing,” she said.