The city’s big list rose 17.99 per cent, or about $742.64 million, fueled by last year’s revaluation that sent residential and auto property values skyrocketing, officials said Friday. city officials.
Manchester’s 2021 big list, which totaled around $4.87 billion, was signed off on Thursday by City assessor John Rainaldi, who said the nearly 18 per cent increase was the biggest jump in big list since 2006. The result of the increase will likely be a reduction in the city factory. rate of 36.2, Rainaldi said.
The list includes all net taxable motor vehicles, personal property and real estate in Manchester as of October 1, 2021.
All three components of the Big List grew in 2021, Rainaldi said in a press release. The biggest source of the increase comes from the real estate market, which has shown significant appreciation since the city carried out its last revaluation in 2016, after a five-year cycle. Additionally, residential property values have skyrocketed during the pandemic and have affected the big list.
“The residential market in particular has grown significantly, especially toward the back half of this five-year cycle,” Rainaldi said.
Overall, the real estate portion of the listing totals $4.02 billion, an increase of about $624.79 million from 2020, or about 18.43%, Rainaldi said. Residential values increased by 26.96% due to revaluation.
Rainaldi said last year’s revaluation was the only driver of significant real estate growth. Without it, Manchester’s big 2021 roster wouldn’t have differed much from the 2020 roster, he said.
Motor vehicle valuations also rose significantly in the last big list, totaling $462.64 million, an increase of about $91.64 million, or 24.7%. As with residential properties, the value of motor vehicles has soared during the pandemic, influenced in part by supply chain issues.
Rainaldi said he noticed many residents selling their used cars to take advantage of the current market.
“It’s unprecedented what we’re seeing with used car values,” Rainaldi said. “We’ve never seen a moment like this before.”
Personal property, which is primarily equipment and business assets that may indicate business growth or decline, increased again in 2021, totaling nearly $394 million, up $26.21 million from 2020. , or 7.13%. Eversource, Manchester’s biggest tax payer, has driven the rise in personal assets as it continues to improve fixed assets around the city, Rainaldi said.
Amazon and Stop & Shop, two new tenants of the former JCPenney fulfillment center that were added to the 2021 Big List, also experienced significant personal property growth and contributed to the list increase in this area.
Collapsing foundations remain a “very serious problem in Manchester”, however, negatively affecting many residents and hurting the Big List, Rainaldi said. This year’s big list took a hit of about $14.16 million from 167 homes whose assessments were slashed due to faulty concrete, far less than the shortfall caused by the issue. in the big list of 2020.
Still, some of the rise in real estate can be attributed to the boom in the market caused by the pandemic, Rainaldi said.
“We’ve even seen some of these properties sold,” Rainaldi said. “People are buying them and they are paying more for them than they would have a few years ago.”
Manchester’s list of top 10 taxpayers has changed slightly. Walmart, which recently sold its former Sam’s Club location on Pavilions Drive, was replaced by Manchester Tarragon LLC at number 10. Eversource remained No. 1 with a net valuation of around $143.93 million.
The 2021 big list will be used to calculate the city’s budget for the 2022-23 fiscal year. Chief executive Steve Stephanou said the city’s board and staff will seek to balance the budget in a “thoughtful” way and try to limit the impact on ratepayers when setting the mill rate for fund the next year’s budget.
Austin Mirmina covers Manchester and Bolton.