Bridgeport Grand List Drops 15% To $6 Billion After Revaluation

BRIDGEPORT, Conn. -- The Grand List in Bridgeport dropped $1 billion, a 15 percent decline over the previous year, after the completion of the revaluation, according to a statement Wednesday from Bridgeport Finance Director Ken Flatto.

Bridgeport Financial Director Ken Flatto said the 2015 Bridgeport property tax revaluation is now complete and reflects a 15 percent drop over property values from the previous year.
Photo Credit: *Meredith Guinness*

K Reakes

03/10/2016 6:00 a.m.

Overall, the total assessed taxable Grand List in Bridgeport now stands at $6,041,621,208, Flatto said. That compares to the city's 2014 assessed taxable list of $7,149,521,127.

In raw dollars, the total assessed taxable property values in Bridgeport declined by just over $1 billion as a result of the revaluation process, the first revaluation completed since 2008, he said.

Here is a breakdown of details of the new taxable Grand List assessment:

Real estate property totals:

In 2015: $4,751,098,913
In 2104: $5,969,035,557

Personal property totals:

In 2015: $830,236,504
In 2014: $736,712,095

Motor vehicles totals:

In 2015: $460,265,791
In 2014: $443,773,475

Total Grand List:

In 2015: $6,041,621,208
In 2014: $7,149,521,127

Amount of change from 2015 to 2014:

—15.49 perecent
—$1,007,899,919

Property assessments as a result of revaluation by law must represent 70 percent of the fair market value of the property as of Oct. 1, 2015. Property owners who disagree with the final assessment valuation can formally appeal the assessment to the Bridgeport Board of Assessment Appeals. Hearings will be scheduled in late March and April.

Mayor Joseph Ganim reminds Bridgeport property owners that they should not apply the current tax (mill) rate to new assessed property values. A new mill rate will be determined to reflect the new property revaluation. Using the current mill rate will result in an inaccurate tax calculation. The new mill rate will be determined only after the city budget process is completed later this spring.

The highest 20 valued properties in Bridgeport are:

CRRA/U.S. Bank National Association, James E. Mogavero -- $153,984,140
Peoples United Bank -- $37,832,560
PSEG Power Connecticut -- $25,154,120
Watermark 3030 Park -- $23,434,710
Success Village Apartments Inc. -- $21,706,740
Brookside (E&A) -- $16,624,720
Bridgeport Lafayette 2005 -- $12,510,090
BLD Parcel I Owner -- $12,049,790
RDR Mob Ground -- $10,488,270
Remo Tartaglia Associates -- $9,489,430
CU-Bridgeport Limited -- $9,220,380
Fairbridge Commons -- $9,153,440
Sprague Connecticut Properties -- $9,105,810
Bridgeport Energy -- $9,093,840 2500
SS Limited Partnership -- $8,852,880
1070 Hotel Partnership -- $8,613,080
Bridgeport Towers -- $8,417,600
Stratfield Apartments -- $7,912,520
Bridgeport Phase 1 Owner -- $7,509,700
Extra Space Properties Forty Five -- $7,381,200

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