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Vernon's Grand List Takes a Slight Drop

Town loses the assessments of Amerbelle, gains them from school buses.

Here is a look at the $1.7 billion Oct. 1, 2012 Grand List of taxable property in Vernon. The figure represents an overall decrease of .2 percent from the 2011 Grand List, Assessor David Wheeler said.

Real Estate

• Total records - 10,107.
• Gross Assessments - $1,500,479,120.
• Exemptions - $6,873,720.
• Net Assessments - $1,493,605,400.

Personal Property

• Total records - 1,411.
• Gross Assessments - $75,331,270.
• Exemptions - $8,974,690.
• Net Assessments - $66,356,580.

Motor Vehicles

• Total records - 25,776.
• Gross Assessments - $176,331,270.
• Exemptions - $1,867,280.
• Net Assessments - $174,454,325.

Totals

• Total records - 37,294.
• Gross Assessments - $1,752,131,995.
• Exemptions - $17,715,690.
• Net Assessments - $1,734,416,305.

Tax-Exempt Real Estate

• Total records - 299.
• Gross Assessments - $231,289,640.

Wheeler compiled the following summary:

The 2012 Grand List reflects an overall decrease of .2 percent from the 2011 Grand List. There are many variables to consider resulting in the decrease as summarized by each specific category.

Real Estate

Net taxable assessments in real estate increased in 2012 by $7,202,170. This growth was offset by increases in vacant land placed into Open Space (PA-490), previous taxable parcels becoming exempt, buildings being
demolished due to weather related issues or making way for future development. In addition, there were court appeals and sites being combined. Assessment growth was largely due to apartment and condominium complex new construction. Attributing to the remaining assessment growth reflects small additions, decks, porches, pools and other related activities.

Personal Property

The net taxable assessment list decreased in 2012 by $7,357,920. This is largely contributed to 10 accounts depreciating or closing. The largest account decrease was Connecticut Water Company with a smaller net
assessment of $3,668,090, Amerbelle closing with a loss of $983,370 assessments and Yankee Gas posting a reduction of $1,020,780. The three accounts alone represent a decrease in assessments of $5,672,240. When storm conditions caused the Governor to extend filing times for personal property declarations this resulted in more filings and less 25 percent penalties (421 accounts with 972,480 assessments). When considering the remaining 1,408 personal property accounts with adds and deletes the final personal property list decreased by 9.9 percent from the previous year.

Motor Vehicles

The annual motor vehicle list has 279 fewer registered vehicles then on the 2011 grand list. The result of fewer vehicles and depreciation reflects a net assessment decrease of $3,867,659 or 2 percent. Looking from an historic viewpoint the net list in 2008 was $154,287,021; in 2009 it was  $154,858,800; 2010 was $163,352,809 and 2011 was $178,321,984 as a result in fewer used vehicles (cash for junk), less depreciation based on NADA analysis. In 2012, vehicles reflect higher depreciation tables than in the previous year as they age and conditions deteriorate.

Exemptions

Overall, the net exemptions decreased in 2012 from $20,092,985 to $17,715,690. (- $2,377,295) This year school buses are now taxable reducing assessment exemptions $1,097,340 from last year. The remaining exemptions are spread over various programs such as Veterans, blind, disabled, ambulance type vehicles, Manufacturing equipment and
trucks.

Tax Exempt Properties

In 2012, the number of tax exempt accounts increased from 291 to 299 properties. The net difference is $2,077,541 less taxable real estate in 2012.

Summary

In conclusion, the Grand List reflects a decrease of $4,023,409 in assessments or two-tenths of 1 percent less than in 2011. As surrounding area towns report their grand list findings for 2012, I will generate a comparison chart to view how Vernon changes line up to other communities.

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