SHELTON — The city’s 2019 grand list increased 1.87 percent over the previous year — giving local government leaders some positive economic news entering the latest budget season.

The net grand list sits at $4,825,026,604 in total assessments, which is 70 percent of market value, an increase of $88,657,220 from 2018’s total of $4,736,369,384, according to a preliminary grand list report completed by Assessor William H. Gaffney III and submitted to the mayor’s office on Jan. 31.

This year’s grand list increase comes one year after the percentage jumped 1.36 percent from 2017 to 2018.

“When you are as busy as we are with economic development, you expect to see this kind of growth,” said Mayor Mark Lauretti about why the grand list jumped again this past year. “We are more affordable and have had 28 years of great growth — steady, predictable growth.”

The rapid pace of downtown redevelopment — with several projects already underway and more planned in the coming months — will only aid in further continuing the grand list growth, according to Lauretti.

“We have results,” said Lauretti. “The grand list continues to grow … we have no debt. There is not a project we cannot handle.”

More than 85 percent of the grand list is made up of real estate, which lists at $4,063,621,959, a 1.51 percent increase from the previous year. Personal property increased 3.93 percent, or $15,538,585, rising to $410,611,950. Motor vehicle assessments were at $350,792,695, rising $12,674,725, a 3.75 percent hike from 2018.

The assessor’s release also included the total assessments for the city’s top taxpayers for the 2019 grand list, which was led once again by Robert Scinto at $240,010220. Scinto was followed by United Illuminating Co. at $65,990,850; Avalon Shelton III LLC at $30,208,150, and Shelton Properties LLC Trustee at $27,999,620.

In Connecticut, assessed values represent 70 percent of the market value.

brian.gioiele@hearstmediact.com