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2/2/2016 - Assessor Announces Results of 2015 Property Revaluation

The Town of Fairfield’s Net Grand List assessment, based on valuations as of October 1, 2015, certified January 29, 2016, and preliminary to Board of Assessment Appeals hearings, is $10,781,433,240. This amount represents a decrease of $194,191,675, or 1.77 percent from the 2014 net list of $10,975,624,915 as adjusted by the Board of Assessment Appeals effective March 31, 2015.

As a result of the 2015 town wide property revaluation, the net 2014 Real Estate List of $10,199,907,843, as adjusted by the March 2015 Board of Assessment Appeals, decreased 2.2% by $226,287,333 to a net of $9,973,620,510 for the October 1, 2015 list. The decrease is mainly due to a decline in many property values since 2010, the year of the last revaluation. As a percentage of the Gross Real Estate List, residential property comprises 89 percent, commercial and public utility properties comprise 10 percent, and industrial properties comprise 1 percent.

Fairfield’s net 2014 Motor Vehicle List of $497,788,472, as adjusted by the March 2015 Board of Assessment Appeals, increased 4.61% by $22,953,308 to $520,741,780 for the October 1, 2015 list. The latest vehicle count of 48,470 increased from last year’s final total of 47,941 (after Board of Assessment Appeals) and may be attributable to the strong purchasing activity of new vehicles during 2015. In general, the U.S. auto industry set new vehicle sales records in 2015.

Fairfield’s net 2014 Personal Property List of $277,928,600, as adjusted by the March 2015 Board of Assessment Appeals, increased 3.29% by $9,142,350 to $287,070,950 for the October 1, 2015 list. Personal Property is the furniture, fixtures, machinery and equipment owned by commercial enterprises. The increase is due primarily to equipment acquisitions by General Electric, Southern Connecticut Gas, and United Illuminating, as well as an increase in small business equipment acquisitions during the last year.

The 2015 Net Grand List Assessment referenced above is preliminary and subject to change by the Board of Assessment Appeals. The final 2015 Net Grand List Assessment is anticipated to be completed and published by early April 2015.