The town of Simsbury has had a 13.88 percent decrease in taxable properties since October 2011, according to town assessor David Gardner.
The total taxable property value in Simsbury this year was $2,239,093,122, a decrease of $360,907,557 from the year before.
Simsbury had a decline in all taxable properties this year including: residential real property, commercial/industrial real property, land, personal property, and motor vehicles.
The largest dip is in residential real estate, but Gardner explains that the revaluation project played a role in that decline.
"The real estate assessments on the October 1, 2011 grand list were based on the October 1, 2007 revaluation. The real estate assessments on the October 1, 2012 grand list are at 70% of the appraised value as of that date," Gardner said.
The state requires all towns to complete a property revaluation every five years.
The next largest decrease is the commercial/industrial area where the town lost $37,792,447 in taxable property.