Electric Boat moves ahead of Pfizer as the town's top taxpayer [Yahoo! Finance]
Pfizer, Inc. (PFE)
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Source: Yahoo! Finance
The town's grand list of taxable property in 2023 increased by 1.2%, or $54.6 million, to $4.7 billion. Assessor Mary Gardner said most of the changes in real estate and personal property come from the expansion at Electric Boat. While most of Electric Boat's new assets are receiving tax exemptions under two state programs, the submarine manufacturer's expansion has increased the grand list's industrial real estate and personal property categories, Gardner said. Electric Boat's new South Yard Assembly Building was completed and made it onto the 2023 grand list, Gardner said. Under the state's Enterprise Zone program, 80% of the real estate taxes are exempt for five years. The town will absorb half of the exemption, and the state is supposed to reimburse Groton for the other half. Another new Electric Boat project, the extension of a pier, is fully taxable, though Gardner said she expects the company to apply for the Enterprise Zone program for 2024. With the construction of
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