HARTFORD’S GRAND LIST IS UP

THANKS TO INCREASED VALUES OF HOMES AND BUSINESSES

---NEWS RELEASE---

(February 6 2007)--- For the second year in a row, after years of decreases, the Grand List for the City of Hartford is up--- this time more than $83 million, or 2.36%, thanks to homes and businesses increasing in value. 

Mayor Eddie A. Perez says, “Confidence is the key to the City’s successful growth.  For the past five years, I have worked hard to rebuild confidence in Hartford.  Now that hard work is paying off.  Market Values are up significantly since 1999.  The taxable market value back then was $5.07 billion and now it is $7.76 billion.  That’s an increase of $2.69 billion.  Revaluation has shown that our homes and businesses are worth more.  They’re worth more because of the reinvestment in the City that’s both visible and exciting.  You can see it with new homes being built on Risley Street, Alden Street, and Zion Street just to name a few.”

The revaluation that was done for October 1, 2006 shows property values are up 70%.  The good news is that, overall, taxes will remain about the same as last year thanks to a new law that is keeping assessments in check, thus keeping the Grand List growing proportionately.

Mayor Perez says, “This is why I fought for a temporary solution to our tax situation and why I will keep fighting for permanent reform.  I have proposed comprehensive property tax reform legislation that would give Hartford residents up to $3500 credit for property taxes paid.”

However, Hartford still faces some challenges.  49% of the entire Grand List is tax exempt.  The City cannot tax state-owned property, hospitals, colleges and universities, places of worship or non-profit organizations.  The total of this non-taxable property is now more than $3 billion.  This number is higher than last year because of the completion of the State-owned Convention Center and significant school construction in the City.