WESTPORT — Modest increases in local real estate and personal property values, offsetting a decline in local motor vehicle assessments, contributed to 1.29 percent overall growth of the town’s 2024 Grand List of all taxable properties totaling $11.6 billion.

The increase, however, reflected a trend of slowing growth reported over the last several years’ Grand Lists.

The $11,616,471,195 total for 2024 rose from $11.47 billion in 2023, which had registered a 1.38 percent rise.

In 2022, the town’s Grand List had recorded growth in all three taxable categories — real estate, motor vehicles and personal property — rising 1.9 percent overall. And the year before that, the list saw larger growth of 2.4 percent rise over 2020. 

As in 2023, the latest Grand List showed rising values for real estate and personal property, but a bigger drop in the value of vehicles.

A revaluation of Westport’s real estate properties, mandated to take place every five years, was conducted over the last year and will be reflected in the town’s 2025 Grand List. Personal property and vehicle values are assessed annually.

Data for the ’24 list, released Wednesday by Assessor Paul Friia, shows:

Real estate, traditionally the far largest segment of taxable properties, rose 1.6 percent, to $10.8 billion. It comprises 92.83 percent of the total Grand List.

Personal property rose just under 2 percent to $428.1 million, or 3.69 percent of the total tax rolls.

Motor vehicles, however, declined 7.8 percent to $404.5 million — 3.48 percent of the total list.

According to Friia’s statement, major additions to the town’s inventory of real estate properties over the last year included completion of 31 condominiums at 41 Richmondville Ave. and renovation of the office building at 2 Post Road West. 

In addition, he said, there approximately 40 new homes were built.

The rise in personal property, the assessor said, indicates continued reinvestment in new and existing businesses, which includes equipment and leasehold improvements.

The fall in overall motor vehicle values was “expected,” Friia said, following the change in state law requiring that vehicles be valued using manufacturer’s suggested retail prices and a set depreciation schedule.

Westport’s top 10 taxpayers based on 2024 assessments are:

• Connecticut Light & Power, personal property — $144,150,180

• 60 Nyala Farms Road LLC, real estate — $83,335,700

• Bedford Square Associates LLC, real estate — $51,520,000

• Aquarion Water Co., real estate and personal property — $40,247,920

• Equity One Westport Village Center, real estate — $32,970,900

• Bridgewater Associates LP, personal property — $26,598,410

• Byelas LLC, real estate — $24,856,700

• 41 Richmondville LLC, real estate — $23,335,270

• Southern Connecticut Gas Co., personal property — $23,050,730   

• LCB Westport LLC, real estate — $22,302,600