As Canton readies for budget season, a .44-percent growth in the grand list will mean nearly $133,000 in additional revenue but town officials expected more.
“We were hoping it would be higher,” Chief Administrative Officer Robert Skinner said Tuesday. “It just highlights the need for economic development and diversification of our tax base.”
The 2012 grand list, essentially the value of taxable property, came in at $1.135 billion, some $5 million higher than the 2011 number. As of last fall, town officials, however, had anticipated growth closer to .88-percent.
One surprise, however, was a 5- to 10-percent drop in the value of late model vehicles (roughly 2005-2010), town assessor Harry DerAsarourian said.
While new car sales were fairly strong, the decrease took its toll. The late model cars essentially "leveled out" after holding their value for several years.
“Motor vehicles was a surprise,” DerAsarourian said.
Another blow to the town was the loss of approximate $1 million in personal property due to Midstate Site Development’s relocation to Bloomfield, DerAsarourian added. Some growth in that area from Connecticut Light and Power did help offset the loss.
Real estate was up, largely due to the completion of some large homes and the new CVS and Dunkin’ Donuts buildings, DerAsarourian said.
All told, the numbers came in as follows:
Real Estate — $1.015 billion, a $6.3 million or .62 percent increase
Personal Property — $40 million, approximately a $267,000 or .65 percent decrease
Motor Vehicles — $80 million, an approximate $1 million or 1.24 percent decrease.
Despite some disappointment DerAsarourian said he is happy to see the numbers in the positive.
“In this economy to be up $5 million, of .44 percent is still a good thing,” he said.
See a list of the top 10 taxpayers here.