February 8, 2019

Hartford’s ‘18 grand list falls; top taxpayers revealed

PHOTO | HBJ File
PHOTO | HBJ File
The Hartford skyline
PHOTO | Contributed
An Eversource crew.

Hartford's 2018 grand list of taxable property fell 1.1 percent following six years of gains, according to the city's assessor.

The list, which compiles the assessed value of personal property, real estate and motor vehicles as of Oct. 1, 2018, last year decreased to $4.03 billion vs. $4.07 billion in 2017, the city's first decrease since 2011.

The list is used to calculate the city's fiscal year 2019-2020 tax rate.

Revisions to the 2018 grand list could be made as the city's Board of Assessment Appeals considers appeals from property owners who are challenging their assessments.

The lower grand list will result in a projected tax revenue loss of $3.2 million, but will not cause a tax increase, Hartford Mayor Luke Bronin said Thursday, the Hartford Courant reported.

Bronin, who detailed the city's latest grand list before the state's oversight board on Thursday, said the revenue loss will be offset by reductions to the city's workforce and leaving certain positions vacant.

The decreased value of taxable property in 2018 resulted in large part to tax appeals and apartments being converted into condominiums, the Courant said.

Hartford's grand list was $4.07 billion in 2016 (a revaluation year), $3.7 billion in 2015, $3.62 billion in 2014 and $3.53 billion in 2015. That translates to a 14 percent increase over the last five years.

The city's value of real estate decreased from over $3 billion in 2017 to $2.93 billion in 2018 and motor vehicle assessments rose to $346.5 million last year vs. $330.1 million a year earlier. Personal property assessments also climbed to $753.6 million in 2018 compared to $743.7 million in 2017.

Hartford's next revaluation, a reassessment of the city's assets completed every five years, is scheduled for 2021.

Hartford's top 10 taxpayers represent more than 21.3 percent of the total list.

Here are the city's largest taxpayers and their assessed value of real estate and business personal property.

  • Eversource Energy Co.: $187.1 million
  • Travelers Indemnity Co. & Standard Fire Ins. Co.: $143.2 million
  • Hartford Fire Insurance: $124.2 million
  • Aetna Life Insurance Co.: $108.5 million
  • RP Asylum LLC: $72.4 million
  • Hartford Hospital: $51.1 million
  • Mac-State Square LLC: $49 million
  • Talcott II Gold, LLC: $44.9 million
  • Constitution Plaza Holding LLC: $41.3 million
  • Hartford Steam Boiler Inspection & Ins.: $37.6 million

View the city's top 25 taxpayers here.

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