Grand List still tops in state at $34.4B

What real estate slump?

The assessed value of all property in Greenwich rose by $238 million in 2009, according to the town's newly signed Grand List. Assessments equal 70 percent of a property's fair market value.

The three-quarters of a percent increase in the Grand List brought it up to $34.4 billion, which Assessor Ted Gwartney said is still tops in the state.

"I was happy to see that the Grand List did grow despite the fact that the amount of new construction was down quite a bit from prior years," said Gwartney, who signed the Grand List on Friday.

First Selectman Peter Tesei tempered his enthusiasm over the growth of the Grand List, however.

"Well, the reality is the Grand List isn't growing at the rate it once did," Tesei said. "In looking at future forecasts, we have to be sensitive to the fact that we may not see the rates of growth that we've seen in the past and that has a dramatic impact on the budget."

Residential assessments totaled $27.7 billion throughout town, representing just over 80 percent of the Grand List.

A 10-acre waterfront estate in the gated enclave of Field Point Circle earned the distinction as the most expensive property in town. The property owned by Stuart Baker and Leslie Schreyer is assessed at $24.1 million, according to Gwartney's office.

Commercial assessments totaled $4.2 billion, representing just over 12 percent of the Grand List.

Greenwich Plaza, a 2.8-acre office complex next to the train station and Interstate 95, maintained its perch atop the commercial category. The property is assessed at $157 million, according to the assessor's office.

All is not hunky-dory, however.

Gwartney noted that the assessed value of automobiles registered in town dropped nearly three and a quarter percent in one year, from $688 million to $666 million.

"It's because (people) were not buying new cars as much last year as they were in prior years," Gwartney said. "They were holding onto older cars that were continuing to depreciate."

Assessment officials rely on National Automobile Dealers Association-published appraisal guides to check the values of cars in most cases.

Property owners who feel their assessment is in error can meet with an appraiser on the assessor's staff.

They can then file a grievance with the Board of Assessment Appeals -- the deadline is Feb. 22.

Formal hearings will be held in March for aggrieved property owners, who can go to state Superior Court in Stamford if they are still unhappy.

A town-wide property revaluation, the first since 2005, is also being conducted this year.

Property owners should receive notices with their new assessments in November, at which time the town will hold informal hearings with those who have questions or concerns about their valuation.

Staff writer Neil Vigdor can be reached at neil.vigdor@scni.com or at 203-625-4436.