Middletown Sees Grand List Growth: Mayor

MIDDLETOWN, CT — Mayor Dan Drew reported on Friday that the city’s grand list shows 3.52-percent growth in Middletown’s real property as of Jan. 31, as shown by the recently completed revaluation.

“The commercial base in Middletown grew 30 percent and the industrial base grew 20 percent in value compared to last year, representing an aggregate of $115 million in new value over the last grand list,” Drew wrote in a post on Facebook. “Most of that growth is the result of an increase in the value of existing property, however, nearly $25 million of it is directly attributable to the construction of FedEx Ground’s new facility in Westfield. That number will only increase in coming years as the project is completed. This means that our community’s economic development efforts on this project and others had a major, direct, and appreciable impact on our grand list.”

Read more from the post below:

“The net effect of that growth is that we have additional funds to pay for services in education, public safety, roads, and all of our other responsibilities.

“At the current mil rate, this increase in value would produce an additional $3.8 million in revenue, which is more than one mil. Also assuming no change, this would mean an average of a $50 tax decrease for the average homeowner.

“It’s important to note that we can’t promise that at this point because there are still a multitude of variables to consider as we craft our budget – the degree to which we must fund our local responsibilities, the amount of state funding we receive, and other factors.

“Ultimately, though, economic and commercial growth in Middletown is significant and enables us to continue to deliver the high quality of public services that the people of our city have come to know and expect. This is a result of strong economic development and financial management in and by our community.”

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