Bristol's Grand List shrinks sharply

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City Assessor Tom DeNoto

In the wakeof revaluation and shrinking home prices, the city’s newly compiled Grand Listplummeted 12 percent to $3.78 billion.Driving downthe tally of Bristol’s taxable property was the collapse of residential realestate. The median single family home lost 21 percent of the value it hadduring the last revaluation in 2007.But there’sa silver lining for most homeowners in that decline: they will likely pay lessin property taxes.CityAssessor Tom DeNoto that while home prices have been “falling off the cliff” duringthe past five years, commercial property dipped only slightly.That means,he said, there will be a “burden shift” that pushes more of the overall propertytaxes onto commercial property owners.That breaksa decade-long trend that has seen homeowners picking up an ever greater shareof the tab.Click here for the full story.To see a more detailed overview of the Grand List, click here.Saturday's Bristol Press will have more.
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