The total value of taxable property in New Canaan—including homes, commercial properties and motor vehicles—increased by about $137 million from 2020 to 2021, according to preliminary figures.
Given the last budget cycle’s mill rate of 18.164, the year-over-year increase in funds for the town from the taxable property would come to about $2.5 million—though the Grand List won’t be finalized until after the Board of Assessment Appeals process, and officials say the mill rate is expected to rise, changing the final figure. The Grand List’s $7.94 billion total reflects upticks in the total value of taxable real estate and personal property and motor vehicles. (See page 58 here for details of last year’s balanced Grand List.)
The Grand List measures the total value of taxable property on Oct. 1 of each calendar year.
Here’s a table showing the gross top-10 taxpayer accounts in New Canaan for real estate—click on each address for more assessor information:
Top-10 Taxpayer Accounts—New Canaan Grand List, 2021
|1. M2 Partners LLC||162 Park St.||$55,590,710|
|2. Town Close Associates Ltd Partner||106 Lakeview Ave.||$26,020,890|
|3. Country Club of New Canaan||95 Country Club Road||$20,582,170|
|4. New Canaan Lumber Co.||208 and 212 Elm St.; nos. 45, 59 and vacant land on Grove Street; and 75 Pine St.||$17,491,880|
|5. Reed Krakoff||104 Dan’s Highway||$11,892,020|
|6. Kenneth G. Tropin, trustee||260 West Road||$10,500,000|
|7. Canaan Parish Redevelopment Ltd Partners||186 Lakeview Ave.||$10,174,640|
|8. Edie Brickell, successor trustee||82 Brookwood Lane||$10,150,000|
|9. 721 North Wilton Road LLC||721 North Wilton Road||$9,046,730|
|10. Philip J. Toohey, trustee||81 and 89 Canoe Hill Road; 90 Parade Hill Lane; 575 Silvermine Road; and 70 Thrush Lane||$8,804.250|
Source: Office of the Assessor
*Figures are not official until the Grand List is balanced and signed
The Grand List information comes as the Board of Selectmen this week approved a budget of about $164.6 million for next fiscal year, an increase of 6.5% over current spending.
It includes a Board of Education operating budget of $100.2 million, debt service of $18.1 million and tax-supported capital projects of nearly $1.4 million, according to a press release issued by the town.
The spending plan “reflects significant increases in both the town’s and the school district’s operating and employee health projected expenditures due to inflation in wages, materials and purchased services,” First Selectman Kevin Moynihan said in the press release.
“The budget now goes to the Board of Finance and I expect [the Board of] Finance will be able to reduce some of inflation’s impact through the use of reserves and other means of smoothening employee health expenses,” he said. “However, it is inevitable that we will see larger increases in the amount to be raised from taxation and in the mill rate in the next fiscal year than we have seen in the prior three fiscal years.”
After receiving the budget from the finance board, the Town Council is expected to finalize it March 30.