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Assessor reports modest net grand-list decline after state revises vehicle depreciation schedule
Summary
Acting City Assessor reported the 2024 taxable grand list fell about 0.5% from 2023 after the state adopted a modified motor-vehicle depreciation schedule; committee voted to approve a local ordinance amendment adopting the revised schedule.
Acting City Assessor Alex Bullen told the committee that the city's 2024 taxable grand list shrank slightly from the prior year but the impact was smaller than earlier estimates after the state released a revised motor-vehicle depreciation schedule.
The matter matters because the grand list underpins property-tax revenue forecasts used in the mayor's proposed budget and because the committee approved a local ordinance amendment to adopt the revised depreciation schedule for motor vehicles.
"The city's net grand list for 2024, as I signed it on January 31, was roughly $8,980,000,000," Acting City Assessor Alex Bullen said, noting that an initial change in state law requiring motor vehicles to be valued using manufacturers' suggested…
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