Value Of Westport's Grand List Drops Over 5 Percent

WESTPORT, CT — Westport's Grand List — the sum of the net assessed value of all taxable property — dropped just over 5 percent in 2020 to $10.83 billion, down from $11.45 billion in 2019, according to Town Assessor Paul Friia. Taxable property is considered real estate, motor vehicles, and personal (business) property.

The drop is mostly due to the recently completed revaluation that was finished in October 2020, which saw property values decline.

"While the overall Real Estate Grand List declined from the 2015 assessments, the actual percentage of change without the revaluation influence was an increase of just under 1.0 percent," Friia said in a statement. "This increase is a result of continued new residential and commercial construction as well as renovation activity that occurred within the last assessment year."

For example, work was completed on the new assisted living facility at 1141 Post Road East and the gas station at 1830 Post Road East, while work continues on the condominium development at 500 Main Street and residential units at 41 Richmondville Road, according to Friia.

"Westport remains a community of great interest to businesses and new residents as evidenced in the significant increase in sales since the beginning of 2020," he added.

This is from the town's announcement:

While real estate is updated based on the market values determined every five years, motor vehicles and personal property is valued annually. The increase in the Motor Vehicle Grand List was approximately 3.9 percent. The Personal Property Grand List remained largely unchanged from last year, due to both the closure of businesses and a slowdown of new business openings resulting from the COVID-19 pandemic.

The current 2020 Grand List totals are:

The Grand List will be used for fiscal year 2021-2022 town budget calculations. The above figures are subject to change based on the outcome of the Board of Assessment Appeal hearings in March and further changes due to corrections or pending lawsuits.

The following are the top 10 taxpayers in Westport: