Grand lists in most CT towns have shown a decrease since 2008

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Many towns experienced an increase in their grand list between 2013 and 2014 but the vast majority are still below where they were in 2008, according to an analysis of recently released data from the Office of Policy and Management.

Only 15 towns, including Stamford and Bridgeport, have rebounded from the Great Recession and seen an increase in the aggregate valuation of taxable properties.

The most recent grand list data for municipalities is from 2014, but more recent data from a different study, which looks only at home values, shows that a downward trend in that category might be continuing statewide.

Home values in all other states increased between 1 and 10 percent from 2015 to 2016, but Connecticut’s decreased by half a percent,  according to a recently released report from CoreLogic. Connecticut was the only state in the country to show a valuation decline from 2015 to 2016.

Connecticut also was one of five states in the study furthest from peak home values – 20.1 percent below.

Connecticut’s exclusionary zoning has contributed to the reduced values, said Charles Patton, a senior policy analyst at Partnership for Strong Communities, which advocates for affordable housing.

Towns that emphasized creating multi-family housing saw an increase in town property values since 2008, like Bloomfield (10.5 percent), Brooklyn (6.5 percent), and Mansfield (8.5 percent).

“By providing diversity of housing stock, like affordable places to live, buying and selling of homes can happen more fluidly,” he said. “You can have people like Baby Boomers who want to downsize and spend less on housing by switching to a rental in their town while a newly growing family interested in moving can then buy that home.”

What do you think?

  • Louis Pecoraro

    if you include 2015, you’ll find a precipitous drop in the town lists for many towns…some losing upwards of 30 million in assessed value…so many of the gains from 08-14 were lost in a single year.

  • FormerMainer

    What criteria were used to determine which towns did or did not emphasize multi-family housing? And why was that determined to be what led to increases in value rather than other factors that may be at play?

  • Tim_Hanser

    I’m trying to make sense of the correlation between the data on the map and the data on the table. While the 2008-14 percent change values appear to match, the 2013-14 changes don’t. For example, the map shows a decrease in grand list form 2013-14 for Darien and Norwalk, but the table shows an increase for both.

  • Clark F. Morris

    Could Connecticut’s taxation policy and loss of large firms such as GE have anything to do with the decline?

  • Colin Swales

    Very simply, if more sellers than buyers, then home prices go down. People are leaving. US population is growing, inflation is positive, asset prices should be rising.