General Electric and the Town of Fairfield
Last Updated: 12-07-2016
The Town of Fairfield has set up this web page to provide information and help answer questions regarding the January 13, 2016 announcement by General Electric that it is moving its headquarters to Boston. Please see links below as well as Questions and Answers.
The following links are listed to provide residents easy access to information released by General Electric, the Town of Fairfield and other reputable and relevant sources:
Questions and Answers
When will this move take affect?
GE has indicated that it will begin shifting some employees to a temporary location in Boston as early as the summer of 2016, but that the final move will not be completed until 2018.
What will happen to the property?
GE owns the 68 acre campus. GE has indicated that it intends to sell the property in Fairfield, as well as its property at 30 Rockefeller Center in New York City, to partially offset the cost of the move.
Why is GE making this move?
GE has indicated that it has been contemplating this move for the past three years. Indications are that the move has less to do with taxes or business costs, as first reported, than with the company’s desire to find a location that it believes aligns well with its efforts to be a leader in the digital transformation of industry.
What is the financial impact of GE’s decision on the Town?
GE owns the property, and will continue to be responsible for local property taxes. GE has announced that it intends to sell its 68-acre campus upon completion of its move to Boston in 2018.
How much is GE’s property worth?
Based upon the grand list of October 1, 2015, GE’s property is presently assessed at $70.8 million, which represents 0.7% of the taxable grand list.
How much does GE pay in taxes to the Town?
For the 2016-17 fiscal year, GE will pay the Town of Fairfield roughly $1.8 million on assessed valuation of $70.8 million.