Groton - Groton's 2014 grand list fell 2.2 percent from last year, and the combined assessment of the top 10 taxpayers dropped $100 million, mainly because of Pfizer Inc.'s demolition of its former research headquarters.

Pfizer also requested more manufacturing machinery and equipment exemptions, which affected the grand list, according to a memo from Assessor Mary Gardner.

Groton's total net grand list of taxable property was $3.81 billion, based on the values of real estate, personal property and motor vehicles as of Oct. 1, 2014.

Real estate values dropped 1.9 percent, mostly due to the loss of Pfizer's Building 118; personal property values fell 8 percent and motor vehicle values dipped slightly, by 0.8 percent from last year.

Had Pfizer not demolished the former headquarters known as Building 118, the grand list would have fallen 0.1 percent instead of 2.2 percent, Gardner said.

Despite the decline, Pfizer remains the largest taxpayer in Groton, representing about 10.6 percent of the grand list, down from 13.1 percent the prior year, Gardner said. Electric Boat was the second-largest taxpayer, making up 6.84 percent of the grand list this year, up from 6.55 percent in 2013.

Among the subdivisions and fire districts, Groton City suffered the steepest decline in total taxable property. The city's grand list fell 7.5 percent, from about $1.3 billion in 2013 to about $1.2 billion in 2014.

"While last year the City of Groton's net grand list increased by the largest margin of all the political and fire districts, this year was just the opposite," Gardner wrote in her memo. "It was expected that the city's drop would be large, and this is directly related to the demolition of Building 118 at Pfizer's research campus."

City Mayor Marian Galbraith said Wednesday that the city prepared for the financial loss of Pfizer.

"We're not just lying back and saying 'Woe is us,'" she said. "We're actively, purposefully looking at ways to pursue economic development."

The city also added money to its unrestricted fund balance, she said, though the loss will have impact. "We're of course looking for where we can enact cost savings, but yes, our budget is going to reflect the grand list," Galbraith said.

The city budget is not yet complete, she said.

Among the fire districts, Poquonnock Bridge saw its grand list increase for the first time in three years, rising 0.6 percent. Grand lists in Mystic, Mumford Cove, Center Groton and Old Mystic rose by 0.6 percent, 0.7 percent, 0.8 percent and 0.9 percent, respectively. Grand lists in West Pleasant Valley and Groton Long Point increased 0.4 percent.

The grand list in Noank fell 0.4 percent, and the grand list of Naval Submarine Base New London and Mouse Island declined 12.3 percent, mostly due to a drop in personal property assessments. The number of registered vehicles fell by 158 accounts.

d.straszheim@theday.com

Twitter: @DStraszheim

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The top 10 taxpayers and total net assessment (rounded to the nearest hundred thousand):

1. Pfizer Inc., $404 million.

2. Electric Boat Corp., $260.7 million.

3. Ledges Groton LP (Ledges Apartments), $21.2 million.

4. Groton Development Association LTD (Country Glen Apartments), $19.3 million.

5. Exit 88 Hotel LLC (Mystic Marriott), $18.8 million.

6. Elk La Triumphe LLC (La Triumph Apartments), $14.5 million.

7. CW Groton Square LLC (shopping center), $14.5 million.

8. 3GJD LLC (shopping center), $12.4 million

9. Groton Estates LLC (Colonial Manor apartments), $12 million.

10. Branford Manor Association (Branford Manor Apartments), $10.9 million.

The total net assessment of the top 10 taxpayers constitutes about 20.7 percent of the total Oct. 1, 2014, net adjusted taxable grand list, prior to deliberations by the Board of Assessment Appeals.