NEWS RELEASE
TOWN OF CHESHIRE
84 SOUTH MAIN STREET, CHESHIRE, CT 06410
FOR RELEASE: February 1, 2025
FOR INFORMATION CONTACT: Sean M. Kimball, Town Manager 203.271.6600
Chris McCardle, Assessor 203.271.6620
James Jaskot, Director of Finance 203.271.6610
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CHESHIRE:
The October 1, 2024 Grand List was officially filed at the end of January per state statute. The Grand List rose from $3,994,533,814 in 2023 to $4,032,081,938 an increase of $37,548,124 a 0.94% increase. Real Estate assessed values increased by $56,097,731 or 1.63% to 3.49 billion, Personal Property increased by $9,054,981 or 4.27% to 220 million and motor vehicle values decreased by $27,604,588 or -8.10% to $313 million.
The results of this year’s Grand List present a “mixed bag” with respect to the impact on the upcoming Town budget. While the overall $37.5 million increase in total value represents a relatively strong year, it is important to note that 1.30% of the 1.63% increase in real estate values is made up of the Stone Bridge Crossing Development ($45,371,520) alone and revenues from these properties must be set aside for obligations within the Tax Increment Financing District, with only 25% of these funds available to sweep to the General Fund if the Town Council so chooses. Furthermore, the State has mandated a new valuation process for automobiles which will now be a straight depreciation calculation from MSRP. This new methodology will save most taxpayers money this year, but the result for the Town’s Grand List is a loss of $27.6 million in taxable values (about $750,000 in tax revenues at our current mill rate). The net effect of the total growth in the Grand List after this methodology change and the proportion of properties within TIF District results in a taxable Grand List for purposes of developing the FY26 Town & Public Schools Operating Budget which is effectively flat.
As a reminder, property owners wishing to appeal 2024 Grand list real estate, business personal property assessment, or their 2023 supplemental motor vehicle assessment before the Board of Assessment Appeals must submit a written application to the Board on or before February 20, 2025, at 4:00pm. These forms are available at www.cheshirect.org and from the Assessor’s Office in the Town Hall at 84 South Main Street. By State statute, an appeal can be heard ONLY if the request has been submitted on the prescribed form to the Cheshire Board of Assessment Appeals by February 20, 2025, at 4:00pm.
For more information on the assessment appeals process, the public should contact the Assessor’s Office at 203.271.6620.