The 2012 grand list of taxable value decreased by about two-tenths of a percent, a loss of about $9 million in the overall value of real estate, motor vehicles and personal property.
Assessor Damon Braasch said at the current tax rate, the city would collect about $250,000 less in taxes in the next fiscal year than in the current fiscal year.
"In real estate we had a slight increase, but both motor vehicles and personal property went down," Braasch said.
Values for motor vehicles and personal property, including computer equipment, often depreciate quickly, he said. The city also had a decline in the total number of registered vehicles.
The more than $7 million increase in real estate was due to new homes being built in the last year and small additions like decks or garages on existing homes, he said.
The assessor's office is currently conducting a revaluation of all properties in the city, which Braasch said could result in a reduced value of the 2013 grand list.
"Everyone will get reassessed," he said. "In general, I'm assuming a negative reduction because housing values are not the same as they were in 2007, which was the last time we had a revaluation."
The top 10 taxpayers and their taxable values are: Aetna Life, $122,838,260; Connecticut Light and Power, $102,336,420; Kleen Energy Systems LLC, $66,779,110; United Technologies, $55,543,090; Middletown Power LLC, $44,877,550; Northwood Apartment Association LLC, $23,382,870; Chestnut Hill Apartment Association LLC, $21,667,060; Fairfield Midtown Brook LP, $21,662,162; Fairfield Midtown Ridge LP, $21,317,568; New Boston Windshire (apartments), $17,959,480.
The top 10 taxpayers did not change from the 2011 grand list.Copyright © 2015, The Baltimore Sun