[CORRECTION: NewCanaanite.com wrongly calculated the Grand List year-over-year increase prior to the Feb. 1, 2023 newsletter going out. I apologize for the mistake. A standalone correction can be found here.]
The total value of taxable property in New Canaan—including homes, commercial properties and motor vehicles—increased by about $88 million from 2021 to 2022, according to preliminary figures.
Given the last budget cycle’s mill rate of 18.372, the year-over-year increase in funds for the town from the taxable property would come to about $1.6 million—though the Grand List won’t be finalized until after the Board of Assessment Appeals process. The Grand List’s $8 billion total reflects upticks in the total value of taxable real estate and personal property and motor vehicles. (See pages 9, 46 and 59 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, 2022
Real Estate Owner Address Assessment
1. New England 15-21 LLC 15 and 21 Maple St. $26,446,560
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. M2 Partners LLC 160 and 180 Park St. $20,397,650
5. Canaan Parish Redevelopment Ltd Partners 186 Lakeview Ave. $18,959,500
6. New Canaan Lumber Co. 208 and 212 Elm St., Grove Street (vacant land), 45 and 59 Grove St. and 75 Pine St. $17,491,880
7. Reed Krakoff 104 Dan's Highway $11,892,020
8. Kenneth G. Tropin, trustee 260 West Road $10,500,000
9. Kensho Trust 82 Brookwood Lane $10,150,000
10. 721 North Wilton Road LLC 721 North Wilton Road $9,046,730
*Figures are not official until the Grand List is balanced and signed
The Grand List information comes as the Board of Selectmen on Tuesday approved a budget of about $170.4 million for next fiscal year, an increase of 5.45% over current spending.
It includes a Board of Education operating budget of $103.9 million, debt service of $18.3 million and tax-supported capital projects of $2 million, according to a press release issued by the town.
The spending plan “represents a 5.45% increase over the current year’s expense budget primarily due to the headwinds of inflation,” First Selectman Kevin Moynihan said in the press release.
“Increased expenses for energy and materials, and contracted services are the primary drivers of the proposed budget increases for both the Town and the School District,” he said in the release. “At the same time, non-tax revenues are expected to increase less than 4% and the amount to be collected by taxation may be expected to increase by about 6%. All in all, the current economic environment presents a challenging budget season for the Town of New Canaan.”
After receiving the budget from the finance board, the Town Council is expected to finalize it April 5.