GREENWICH — The owners of the 10 properties in town that are worth the most paid a total of $12.156 million in property taxes to Greenwich this year, showing the high value of the commercial real estate in town, according to local officials.
The biggest property tax bill in town — $2.4 million — was paid for 2 Steamboat Road, which is the address on file for Greenwich Plaza and is owned by Greenwich Plaza LLC. The downtown office structure has the highest assessed value in town at $210.7 million, according to town Tax Collector Heather Smeriglio.
By comparison, in Westport, the Top 10 properties in town
collectively paid only $1.7 million in property taxes
— which was about half of the amount paid for just the top commercial property in Greenwich. Also, Greenwich collected nearly seven times the amount of money in property taxes from its Top 10 commercial properties as Westport collected from its Top 10 properties.
The town of Greenwich has seen strong growth in its Grand List,
which is the largest in the state at $33.987 billion
. This fiscal year’s
tax rate is set at 11.28 mills,
and all tax bills for commercial and residential properties had to be paid at Town Hall or postmarked by Aug. 1 — or face interest penalties.
“The real estate portfolio of Greenwich, I believe, is well balanced between commercial and residential properties,” town Tax Assessor Lauren Elliott said. “In addition, the properties are very diverse within those two property types, and this is extremely beneficial in maintaining a valuable tax base.”
‘The most valuable area’
When it comes to high property values, Elliott noted that one area of town stands out.
“For commercial properties, the most valuable area would be the downtown area, what is commonly known as the ‘T,’ (which covers) Greenwich Ave. and surrounding streets,” she said. “This area of town continues to maintain its value, and in some instances, we have seen considerable appreciation over the years.”
Greenwich Plaza, with the downtown Metro-North train station in Greenwich, as seen from the air.
File photo / Contributed by Patrick Sikes / For Hearst Connecticut Media
That area includes 2 Steamboat Road in Greenwich’s downtown, which the Assessor’s Department says is the address for Greenwich Plaza. The ultra-valuable property includes the downtown train station, which is one of the few privately owned train stations in Connecticut. Redevelopment of the property has been a major topic in town for years and a
revised plan is under consideration
.
For commercial properties in Greenwich, the Top 10 most valuable properties paid a total of $12.2 million in property taxes:
1) 2 Steamboat Road, valued at $210.7 million, with a tax bill of $2.4 million
2) 3 E. Putnam Ave., valued at $149.9 million, with a tax bill of $1.7 million
3) 1 American Lane, valued at $126.3 million, with a tax bill of $1.4 million
4) 600 Steamboat Road, valued at $106.8 million, with a tax bill of $1.2 million
5) 55 Railroad Ave., valued at $102.5 million, with a tax bill of $1.2 million
6) 100 W. Putnam Ave., valued at $90.7 million, with a tax bill of $1.045 million
7) 51 Weaver St., valued at $73.5 million, with a tax bill of $847,237
8) 33 Benedict Place, valued at $73 million, with a tax bill of $841,613
9) 0 Western Junior Highway, valued at $66.9 million, with a tax bill of $771,432
10) 280 E. Putnam Ave., valued at $65.1 million, with a tax bill of $750,712
For residential properties in Greenwich, the Top 10 most valuable properties paid a total of $3.5 million in property taxes:
1) 60 Field Point Circle, valued at $39.2 million, with a tax bill of $442,539
2) 92 Harbor Drive, valued at $35 million, with a tax bill of $403,511
3) 50 Field Point Circle, valued at $34 million, with a tax bill of $383,614
4) 70 Field Point Circle, valued at $30.6 million, with a tax bill of $344,646
5) 499 Indian Field Road, valued at $30.1 million, with a tax bill of $339,846
6) 34 Indian Point Lane, valued at $29.7 million, with a tax bill of $335,227
7) 110 Field Point Circle, valued at $29.1 million, with a tax bill of $328,862
8) 100 Field Point Circle, valued at $29 million, with a tax bill of $327,719
9) 40 Field Point Circle, valued at $27.9 million, with a tax bill of $314,707
10) 66 Vista Drive, valued at $26.9 million, with a tax bill of $303,906
Source: Greenwich Tax Assessor’s office
It is followed in value by 3 E. Putnam Ave. at $149.9 million, and then, completing the Top 10 by value, by 1 American Lane at $126.3 million; 600 Steamboat Road at $106.8 million; 55 Railroad Ave. at $102.5 million; 100 W. Putnam Ave. at $90.7 million, 51 Weaver St. at $73.5 million, 33 Benedict Place at $73 million; 0 Western Junior Highway at $66.9 million; and 280 E. Putnam Ave. at $65.1 million.
These Top 10 properties are valued at a total of $1.065 billion, or nearly a quarter of the commercial real estate portion of the grand list.
As for residential properties, 60 Field Point Circle, has the top value at $39.2 million, Elliott said. The shoreline home in Belle Haven paid $442,539 in property taxes this year.
The owners of Top 10 residential properties in town by value paid a total of $3.5 million in property taxes to the town of Greenwich this year. For comparison, that is
more than double the $1.7 million collected by Westport
from its overall Top 10 properties.
Rounding out the Top 10 of the most valuable residential properties in Greenwich are 92 Harbor Drive at $35 million; 50 Field Point Circle at $34 million; 70 Field Point Circle at $30.6 million; 499 Indian Field Road at $30.1 million; 34 Indian Point Lane at $29.7 million; 110 Field Point Circle at $29.1 million; 100 Field Point Circle at $29 million;
40 Field Point Circle at $27.9 million; and 66 Vista Drive at $26.9 million.
These Top 10 properties are valued at a total of $311.5 million, or nearly 1.1 percent of the residential real estate portion of the grand list.
Top taxes paid
According to Smeriglio, when it comes to commercial properties, after the more than $2.4 million in taxes paid by Greenwich Plaza LLC, the list goes to 3 E. Putnam Ave., which paid $1.7 million; 1 American Lane paid more than $1.4 million; 600 Steamboat Road paid more than $1.2 million; and 55 Railroad Ave. paid nearly $1.2 million.
The rest of Top 10 tax bills were at more than $1.045 million for 100 W. Putnam Ave.; $847,237 for 51 Weaver St.; $841,613 for 33 Benedict Place; $771,432 for 0 Western Jr. Highway; and $750,712 for 280 E. Putnam Ave.
For the residential properties, the taxes for 60 Field Point Circle were at $442,539; 92 Harbor Drive at $403,511; 50 Field Point Circle at $383,614; 70 Field Point Circle at $344,646; 499 Indian Field Road at $339,846; 34 Indian Point Lane at $335,227; 110 Field Point Circle at $328,862; 100 Field Point Circle at $327,719; 40 Field Point Circle at $314,707; and 66 Vista Drive at $303,906.
Smeriglio said all of these accounts were paid on time and in full for this fiscal year.
Grand List soars
Overall, the current Grand List for Greenwich, which was approved in February, increased 5.69 percent in residential property values from to 2020 to 2021 and 3.94 percent in commercial property values.
This was the first grand list since the most recent revaluation, a process of determining the value of all property in town. Under state statute, the revaluation is completed every five years but it was delayed in town due to the COVID-19 pandemic.
The 2021 Grand List in town, which is the assessed value of all Greenwich properties and motor vehicles, came to a total net assessed value of $33,987,210,273, up from the 2020 total of $32,221,783,022.
The grand list breaks down to $28,693,569,590 for its 20,152 residential properties in 2021; that’s up from the 2020 grand list total of $27,149,764,550 for 20,109 properties. The commercial total shows 957 properties worth $4,656,457,400, up from $4,480,015,820 for the same number of properties on the 2020 Grand List.
The property taxes all support the
$465 million municipal budget for the 2022-23 fiscal year in Greenwich
, which includes town and school expenditures.
kborsuk@greenwichtime.com
