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Simsbury Grand List Increases by 2.93%; Generates $2.7 Million in Revenue

Posted on: March 12, 2021 - 8:27am

Simsbury’s October 1, 2020 Grand List – the total value of all taxable property in town – grew by 2.93%, or $73.5 million, which will generate approximately $2.7 million in new tax revenue and will help mitigate against potential tax increases.

Real estate comprised $34 million of this year’s growth, largely driven by the construction of new apartments as well as the Big Y grocery store.  Personal property made up $24.9 million of the new growth, driven by the Tobacco Valley Solar project and the expansion of Curaleaf.   Motor vehicles comprised $14.4 million of the increase.

“This new growth is welcome news, and is a positive indication that Simsbury continues to be a desirable place to live and do business,” said Eric Wellman, First Selectman.  “I am so grateful to our Town Assessor, Francine Beland, and her team for all of their hard work in getting this Grand List certified.”

The Grand List captures all taxable property as of October 1 of a given year, and impacts the subsequent fiscal year for taxation purposes.  For example, the October 1, 2020 Grand List will impact the Fiscal Year 2022 budget.  Connecticut law requires a revaluation to be completed every five years to ensure uniformity in property valuations in relation to current market value.  Simsbury’s next revaluation will completed for the October 1, 2022 Grand List.

Over the last 20 years, the average Grand List growth in years that a revaluation did not occur was 0.79%-0.85%.  This is the second year in a row that Simsbury has experienced high growth; the October 1, 2019 Grand List reflected a 2.66% increase over the prior year.  Outside of revaluation years, the last time that new growth exceeded 2% was the October 1, 2005 Grand List.

Deputy First Selectman Sean Askham, liaison to the Board of Finance, said, “In a state that has had its share of economic challenges, Simsbury remains a bright spot, with healthy population growth, business expansion, and new commercial and residential development.”

This new growth has been driven by many development projects that contribute to the town’s tax base, such as Tobacco Valley Solar, Highcroft, the Ridge at Talcott Mountain, Anthology, Big Y, Aspen Green, and Curaleaf.  These properties are now on the town’s list of top 20 taxpayers.  On February 26, 2021, over 75 people attended a development update hosted by the Simsbury Chamber of Commerce.  To view the presentation given by Mike Glidden, Director of Planning and Community Development, click here.