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Greenwich 2012 Grand List Up 0.43 Percent

The Greenwich residential real estate sector, with a total assessment of $24.3 billion, saw modest growth of 0.74%, while the commercial sector, with an assessed value of $4.1 billion, remained relatively flat, with 0.01% growth over 2011.

 

Greenwich Tax Assessor Lauren Elliott on Wednesday unveiled the 2012 Grand List, which at $30.9 billion represents 0.43 percent increase, including exemptions, over the 2011 Grand List.

The Grand List is the total assessed value of all taxable property in town — residential and commercial real estate, as well as vehicles. Along with the municipal budget it is used to determine the mill rate.

The 2012 data (see attached PDF) reveals that the residential real estate sector, with a total assessment of $24.3 billion, saw modest growth of 0.74%, while the commercial sector, with a total assessed value of $4.1 billion, remained relatively flat, with only 0.01% growth over the previous year. Properties are assessed based on 70% of their fair market value.

In what might be interpreted as a sign of the slow economy, motor vehicle assessments are down about 1%, from an assessment of $750 million in 2011 to $744 million in 2012.

Topping the 2012 Grand List for most valuable residential property is the Byram Shore Road estate of Charles and Theresa Davidson, which saw its assessed value increase from $26.6 million in 2011 to $30.6 million in 2012. Davidson is co-founder of Greenwich-based investment firm Wexford Capital LP.

Many of the names on the list of Top 20 Residential Parcels would be familiar to Greenwich residents: Fifth is the Indian Field Road estate of the Lindemann family (George Lindemann is chairman and CEO of the Southern Union), assessed at $21.2 million; sixth is the Round Hill Road home of TV personality Judge Judy (the Hon. Judith Sheindlin), assessed at $20.9 million; 15th is the Crown Lane estate of hedge fund manager and founder of SAC Capital Advisors Steven Cohen, assessed at $17.8 million; and 17th is the Harbor Drive home of retired Colgate-Palmolive CEO Reuben Mark, assessed at $17.5 million.

Once again Greenwich Plaza, with its prime location on Steamboat Road, tops the list for most valuable commercial property, with an assessed value of $185.9 million, followed by Pickwick Properties, on East Putnam Avenue, with an assessed value of $145.2 million, and Greenwich American Inc.'s campus on American Lane, with an assessed value of $122.5 million.

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