Westport's 2009 Grand List increases by 1.35 percent

The 2009 Grand List is in, and despite an economic downturn that seems to be dragging on, the sum of all assessed taxable property in Westport increased 1.35 percent, bettering the 2008 increase of one percent. It's also a better improvement than some surrounding towns.

"It certainly is a good sign whenever the Grand List goes up," said Paul Friia, town assessor. "It helps expand the tax base and it spreads the taxes amongst more individuals."

The total value of all taxable property in town is one of the factors which will be used to determine tax rates later this year. The property includes real estate, motor vehicles and personal property purchased by businesses. It reached $10.9 billion in 2009 as of Oct. 1.

Real estate, which accounts for the bulk of that total, saw an increase in assessed value of $515 million, or 4.8 percent, which Friia attributed to more homes being built or renovated, and also the new Fairfield County Bank building on 20 Compo Road S.

The biggest bump, however, came in the personal property department. While it only represents a modest 2.28 percent of the list, there was a 19.3 percent increase from last year that is mostly due to Connecticut Light & Power Co.'s (CL&P) installation of transmission lines along the Post Road.

The total assessed value of motor vehicles, which account for just 2.6 percent of the Grand List, continued to plummet. In 2008 there was a 4.5 percent decrease, and in 2009 there was a 2.5 percent decrease.

"People are maybe holding onto their cars longer, so the cars they have depreciated [in value] from last year," Friia said.

Friia said that he believes Westport fared better with its Grand List than most nearby towns, and that was indeed true. Weston's total only went up .25 percent, while Fairfield saw a .62 percent increase.

In the 2010 Grand List, there could be some big changes. Real estate values are based on the town's last revaluation in 2005. A new revaluation has already begun, and results of the new assessment of properties are expected to be in by October. Home values can go up or down depending on the assessment.

"Depending on what the change is, it could definitely change the Grand List. It could shift the percentages in the grand list between motor vehicles, real estate and personal property," Friia said.

Any changes and the effect it could have on the tax rate remain to be seen. With the data currently available, does it mean signs of life for the economy in Westport?

"Well, we hope," Friia said. "We hope."