Politics & Government
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.
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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.
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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.
