SUBSTANTIAL RESIDENTIAL & COMMERCIAL GROWTH REALIZED
Hamden, CT - Mayor Curt Balzano Leng and Finance Director Scott Jackson are pleased to report the results of the State-mandated 2020 Revaluation, which showed a substantial 7.46% increase in the Town’s 2020 Grand List resulting in a total value of approximately $4.18 Billion as of October 1, 2020. This represents a roughly $300 Million dollar increase in the Grand List value in comparison to its position of approximately $3.89 Billion in 2019, and is by-far the largest increase in recent years. Residential property values experienced an average of approximately 5% growth on average through Hamden, with condo units realizing a somewhat lower, but still markedly substantial, growth rate of about 3%. Commercial and business properties, including multi-family housing properties which contain 4 units or more, saw the greatest rate of growth - experiencing a 20% rise in total assessed value. This shift towards commercial value means a lower share of taxation for homeowners.
The Grand List represents the assessed value of all taxable property as determined by the Chief Assessor on October 1 of each year. The list includes real estate, motor vehicles, and business equipment, and - in tandem with Hamden’s annual bond ratings - generally serves as a total-value reflection of residential and investor interest in our Town. The substantial valuation increases which Hamden realized from 2019-2020 show that interest in Hamden is strong, amongst residential, businesses, and investors. The rise in value for residential and condo properties, coupled with a significant increase in Hamden’s commercial sector growth, are an indicator that Hamden as a whole is increasing equity for home-owning resident stakeholders, while still remaining viable and attractive to the commercial market.
“Obviously, we are exceptionally pleased. Hamden has seen an influx of growth throughout 2020 as a Town known for strong services and education. We remain attractive to existing Connecticut residents, new residents and businesses from other states, young professionals, and families. We are seeing this interest realized with these increases” said Finance Director Jackson.
Mayor Curt Balzano Leng also commented, “This is truly excellent news to deliver as we step fully into our new year, and is further confirmation that Hamden remains poised to further strengthen our financial stability as a municipal entity, and also as a place to do business, start a business, go to school, and to raise a family. Hamden will continue efforts to bolster and diversify both our residential and commercial communities by stabilizing taxes and ensuring continuation of valued success. ”