Hamden Grand List Increases By 7.46 Percent: Officials

HAMDEN, CT — Hamden’s grand list for Oct. 1, 2020 saw an increase of 7.46 percent over the previous year, representing the largest increase in recent years, accord to officials.

Mayor Curt Balzano Leng and Finance Director Scott Jackson reported Monday the results of the state-mandated 2020 revaluation showed about a $300 million increase in the Grand List resulting in a total value of around $4.18 billion as of Oct. 1, 2020.

Residential property values experienced an average of approximately 5 percent growth on average through Hamden, with condo units realizing a “somewhat lower, but still markedly substantial,” growth rate of about 3 percent, according to a news release.

“Commercial and business properties, including multi-family housing properties which contain 4 units or more, saw the greatest rate of growth - experiencing a 20% rise in total assessed value,” officials wrote in a news release. “This shift towards commercial value means a lower share of taxation for homeowners.”

The Grand List represents the assessed value of all taxable property as determined by the Chief Assessor on Oct. 1 of each year. The list includes real estate, motor vehicles, and business equipment, and - in tandem with Hamden’s annual bond ratings - generally serves as a total-value reflection of residential and investor interest in town.

“The substantial valuation increases which Hamden realized from 2019-2020 show that interest in Hamden is strong, amongst residential, businesses, and investors,” the news release states. “The rise in value for residential and condo properties, coupled with a significant increase in Hamden’s commercial sector growth, are an indicator that Hamden as a whole is increasing equity for home-owning resident stakeholders, while still remaining viable and attractive to the commercial market.”

“Obviously, we are exceptionally pleased,” Jackson said in a statement. “Hamden has seen an influx of growth throughout 2020 as a Town known for strong services and education. We remain attractive to existing Connecticut residents, new residents and businesses from other states, young professionals, and families. We are seeing this interest realized with these increases.”

Leng said, “This is truly excellent news to deliver as we step fully into our new year, and is further confirmation that Hamden remains poised to further strengthen our financial stability as a municipal entity, and also as a place to do business, start a business, go to school, and to raise a family. Hamden will continue efforts to bolster and diversify both our residential and commercial communities by stabilizing taxes and ensuring continuation of valued success.”

A recently released audit also showed the town had a budget deficit of about $5 million for the 2019-2020 fiscal year, pushing the town’s fund balance to around negative $2.3 million, according to the New Haven Register.

A negative fund balance is one of the criteria that could trigger state oversight with the Municipal Accountability Review Board, however, town leaders said that MARB intervention is not on the table for Hamden, the Register reported.

Read more at the New Haven Register here.