Groton grand list grows slightly

Groton — The town's 2024 net grand list of taxable properties grew slightly, by 0.2%, or $7.7 million, to $4.7 billion.
Motor vehicle assessments, the category with the largest decrease, dropped by 11%, to $263.1 million. Assessor Mary Gardner said this is because the state passed legislation to value cars with a new formula using Manufacturer's Suggested Retail Price multiplied by a depreciation factor.
Real estate grew by 0.4%, to $4.1 billion. Gardner said many Enterprise Zone tax exemptions went into place with Electric Boat's expansion, so the full tax revenue benefits expansion won't be realized for several more years. For example, Electric Boat's South Yard Assembly Building is in the second year of the Enterprise Zone program.
Gardner said Electric Boat's new larger buildings are part of the state's five-year Enterprise Zone program, which provides an 80% tax exemption. The town absorbs half of the exemption, and the state reimburses the other half when it has funding, she said.
Some of Electric Boat's smaller buildings or additions are under the seven-year local Enterprise Zone program, which has a 100% exemption for the first two years and then phased-in exemptions for the next five.
Gardner said personal property had the largest increase, at 8%, growing to $319.8 million, due to the taxable assets Electric Boat acquired through its expansion.
The 2024 grand list is prior to the Board of Assessment Appeals process.
The town's top 10 taxpayers include Electric Boat, Pfizer, apartment complexes, a hotel and a shopping center. Electric Boat remained the top taxpayer in town for the second year in recent decades.
Triton Square Apartments, the apartment complex at the former William Seely School site off Route 12, is new to the town's top taxpayer list.
The top 10 taxpayers, with their net assessments, are as follows:
1. Electric Boat Corp., $431.2 million
2. Pfizer Inc., $362.4 million
3. Merion Group LP (Ledges Apartments), $43.8 million
4. Groton Development Association LTD (Country Glen Apartments), $30.7 million
5. Triton Square Owner LLC (Triton Square Apartments), $27.1 million
6. Elk La Triumph (La Triumph Apartments), $21.8 million
7. Exit 88 Hotel LLC (Marriott Hotel), $20.2 million
8. Winterfell Windham Falls CT Owner LLC (Windham Falls Elderly Apartments), $17.7 million
9. ECA Buligo Groton Partners LP (Groton Square Shopping Center), $16.5 million
10. Branford Manor Preservation LP (Branford Manor Apartments), $16 million
k.drelich@theday.com

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