The October 2023 grand list reflects the results of state-mandated property revaluation, which the town is required to conduct every five years at minimum. The net taxable grand list for October 1, 2023 is $4,439,061,648, which is an increase of 24.89%. The main driver of the increase is the real estate component of the grand list, which increased $838.2 million or 31.5%. Personal property saw an increase of $65.4 million or 11.1%, while motor vehicles decreased $19 million or 6.2%.
This is without a doubt the largest increase to the grand list in one year that Windsor has experienced in many decades, if not ever. Due to this, the Windsor Town Council agreed to phase-in property revaluation over two years. The grand list for the first year of the phase-in is $3,928,000,000. The results of property revaluation on residential property values are by no means unique to Windsor.
According to the Federal Housing Finance Agency Quarterly report dated November 2023, single-family housing prices nation-wide have seen a 59% increase over the last five years. In the New England region, the increase is over 63% for the same time period. Housing prices in all major metropolitan areas in Connecticut have increased by 63% as well. Below is a breakdown of the real estate portion of the grand list:
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