The City of Hartford announced today that the value of all property on city tax rolls grew $17.5 million, or 0.5 percent, to $3.5 billion in 2008, the fourth straight annual increase.
The real property grand list increased 1.8 percent, to $2.6 billion, the city said. Most of the increase is due to the phase-in of the city’s 2006 revaluation that was done in compliance with state statutes.
The business personal property list dropped in value 4 percent, or $26.5 million. The motor vehicle list fell 0.7 percent.
“2008 was a difficult financial year for Hartford families, businesses, and investors,” Mayor Eddie A. Perez said in a statement. “However, together, we found a way to keep the momentum going. Reducing blight, building homes, establishing businesses, constructing and renovating schools, and creating jobs shows how we display confidence in our future.”
On the downside, 46 percent of the city grand list consists of state-owned property, hospitals, colleges and universities, places of worship or non-profit organizations that the city cannot tax.
Perez said he will continue to look for ways to grow the grand list by promoting new development opportunities, increasing homeownership, and encouraging more business investment.
The city’s 10 largest real- and personal-property taxpayers in 2008: Hartford Fire Insurance and Twin City Insurance, $142.7 million; Travelers Indemnity Co., $134.6 million; Connecticut Light & Power, $118.6 million; Northland Properties, $91.7 million; Aetna Life Insurance, $84.4 million; Mac-State Square LLC, $60.7 million; City Place I Limited Partnership, $58.1 million; Talcott II Gold LLC, $53.7 million; Bank of Boston CT, $49.2 million; and FGA 280 Trumbull LLC, $47.7 million.
