Trumbull's new tax rate is 30.71 mills, after the Board of Finance approved it Wednesday night.
Combined with reduced home values after the revaluation, taxes will drop for some. Business assessments also fell, but not as much as on the residential side.
"The average change was something like a 3.56 percent decrease," said Tax Assessor Mark DeVestern. "There are going to be some that don't change."
A mill is $1 per $1,000 of assessed value. According to DeVestern, the Grand List changes were:2010 2011 Change REAL PROPERTY $4,700,793,234 $3,919,111,100 ($781,682,134) MOTOR VEHICLE $257,591,729 $269,939,045 $12,347,316 PERSONAL PROPERTY $251,501,950 $250,052,010 ($1,449,940)
Net Taxable Grand List $5,209,886,913 $4,439,102,155 ($770,784,758) (14.79%)
Last year, with new businesses coming in and the Westfield Trumbull Mall improvements, the Grand List grew by $93 million. This year, real property values fell by $782 million.
Personal property, or business property, fell by $1.5 million, while motor vehicle tax rolls grew by $12.3 million.
In total, the Grand List fell by 14.79 percent, said DeVestern.
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The results are not unexpected, since the Town Council and Board of Finance did not substantially change First Selectman Tim Herbst's recommended budget.
"There's very little change from where we started except for removal of the using the fund balance," said Finance Board Chairwoman Elaine Hammers.
She referred to a plan to use surplus to offset the tax rate increase. "I'm not comfortable taking money out of the fund balance this year," she said.
Member Tom Tesoro agreed. He said he voted for it one year and called it a "big mistake."
"I don't think we should ever do that," he said.
After the last revaluation in 2006, smaller homes saw the biggest increase in value and fell back just as quickly this time.
Alternate member Cindy Penkoff said she agreed the fund balance should not be used. She said the town had a "perfect storm" this year leading to the drop in residential taxes.
Some waterfront properties, and other homes, actually saw tax increases, it was noted.