The town's grand list, or total list of taxable property in Manchester, dropped by 0.36 percent for the 2013 calendar year, mainly due to a number of large property appeals finally being settled since the town last revalued property in 2011.
“The real estate grand list showed a decrease of 0.62 percent from the 2012 grand list. This decrease is largely due to assessment appeals filed by property owners after the 2011 revaluation,” Director of Assessment and Collection John Rainaldi said in a release. “Though all of the real estate appeals filed to date after the 2011 revaluation have now been resolved, most of the larger appeals were not resolved until calendar year 2013, resulting in a negative real estate grand list this year, when compared to the prior year, which was before the resolution of these larger appeals.”
Manchester's total taxable property in 2013 was $3,893,599,112, a decrease of $13,960,472, or 0.36 percent, over the previous year.
Real estate, which makes up 84.42 percent of the total grand list, decreased by 0.36 percent to $3,278,218,562, due largely to assessment appeals filed by property owners after the town revalued property in 2011.
Rainaldi said large appeals that knocked value off the grand list included JC Penney Distribution Center at 1339 Tolland Tpke., a number of “anchor” stores at the Shoppes at Buckland Hills mall – including both Macy’s, the JC Penney and Sears stores – and Burr Plaza at 1131 Tolland Tpke.
“There is typically a reduction in values from these appeals over the next two or three grand lists after a revaluation,” Rainaldi said.
This has been the third grand list since Manchester revalued property in 2011.
Motor vehicles, which make up 8.55 percent of the grand list, increased by 2.59 percent to $333,032,690 due to an increase of 108 vehicles, according to Rainaldi.
Personal property, which makes up 7.25 percent of the grand list, decreased by 0.69 percent to $282,347,860.
“This was anticipated after last year’s dramatic increase of 13.77 percent,” Rainaldi said, noting that personal property depreciates annually over its first seven years.
General Manager Scott Shanley said the town was prepared for a decline in real estate value in 2013 and that it is prepared to deal with it “effectively.”
“This was not unexpected as the legal engagements as to value in 2011 have been, as always with revals, ongoing,” Shanley said by email. “The discussion with these large payers has really been refining declines. This is delayed impact of the real estate crisis, the hangover if you will. We believe it is now behind us.”
Manchester’s Top Ten Taxpayers for the 2011 grand list were as follows:
1. Pavilions at Buckland Hills (Buckland Hills Mall) $114,235,720
2. CT Light and Power Co. (Utility) $90,488,540
3. JC Penney Properties (Retail/Warehouse) $61,861,300
4. Northland Pavilions (Apartment Complex) $58,138,300
5. Manchester & Buckland Developers (Apartments) $39,459,950
6. Manchester Tolland Development Co. (Apartments) $26,009,800
7. TGM Waterford (Apartment) $22,170,210
8. Walmart/Sam's Club (Retail) $21,798,040
9. Plaza at Buckland Hills (Retail) $21,050,560
10. Manchester Tarragon (Apartments) $20,182,300