Old Lyme Grand List Up 0.36%, Eversource and Halls Road Plaza Lead Top 10 Taxpayers

OLD LYME, CT – The town’s 2025 grand list is up a scant 0.36% as gains in motor vehicle and personal property values were offset by a slight decline in real estate values. 

Data from Assessor Melinda Kronfeld shows the net grand list totaled $2,537,348,042, an increase of $9.04 million over the previous year. 

The grand list, which represents the total taxable value of real estate, motor vehicles and personal property, plays a key role in determining property tax rates. 

Kronfeld said motor vehicle values rose from $92.98 million in 2024 to $99.38 million, or 6.89%, driven by higher-value vehicles and more of them. 

The increase follows a drop in motor vehicle values in 2024, when a new state-mandated formula reduced Old Lyme’s vehicle tax base by more than 11%. The formula set vehicle taxes based on a depreciating schedule tied to the suggested retail price rather than fair market value.

Local officials later declined to adopt a revised version of the law that would have slightly boosted those values. Kronfeld at the time said adopting the alternative valuation schedule would have generated about $15,400 in additional tax revenue if the mill rate remained unchanged. Selectmen chose not to pursue it because it could have raised taxes for some residents, especially owners of older cars.

Personal property values also increased, rising to $50.82 million from $47.82 million, or 6.27%. Kronfeld attributed that growth in part to equipment used for road and bridge projects. 

Real estate values, which make up the bulk of the grand list, decreased 0.01%, from $2.388 billion in 2024 to $2.387 billion. 

“The real estate increase was driven by new construction and building improvement permits but resulted in a negligible change to the net grand list due to an increase in our exemptions,” Kronfeld said.

Overall exemptions totaled about $18.2 million across all categories. Old Lyme provides property tax exemptions that reduce taxable value for certain residents, including veterans, totally disabled individuals and farmers.

Following are the town’s 2025 Top 10 taxpayers:

1. Connecticut Light & Power (Eversource): $17.90 million
2. Old Lyme Stores Ltd. Partnership (90 Halls Road): $9.23 million
3. Connecticut Water Co: $9.06 million
4. EPW II LLC: $7.97 million
5. Nest at HNB Inc: $5.66 million
6. Brendan M. Fox Jr., trustee: $5.63 million
7. Garvin Family Corp. Inc: $4.33 million
8. Michael E. and Elena C. Patterson: $4.22 million
9. Herbert G. Chambers: $4.65 million
10. Salty Cottage Co: $4.07 million