Stonington — The town’s updated grand list of $2,648,034,691 reflects a 0.8 percent increase, or $20,958,879.

The list reflects the assessed value of real estate, motor vehicle and personal property as of Oct. 1, 2016, and plays a critical role in determining the tax rate in the upcoming 2017-18 budget process.

The value of real estate increased $12.3 million to almost $2.4 billion in part because of the partial completion of projects such as the Thread Mill and Spruce Meadow. Personal property such as business equipment increased $5.8 million to $105.7 million and motor vehicles increased $2.8 million to $142.5 million.

Tax exempt properties increased $25.9 million, or almost 12 percent, to $242.4 million, mostly because of the addition of the new Masonicare project, which is assessed at $20.8 million and is making a payment in lieu of taxes per an agreement with the town.

The town’s top 10 taxpayers, led by Connecticut Light & Power with $35.4 million, are Mystic CT Senior Property LLC (Stone Ridge and ROC Seniors), Aquarion Water Co. of CT, Mashantucket Pequot Tribe, Joyce O Resnikoff Trustee (Olde Mistick Village), VIII-HII-Whitehall Avenue LLC (Residence Inn), DDH Hotel Mystic LLC (Mystic Hilton), Senior Living By Masonicare, Davis Standard LLC, and SMV Mystic LLC (Pendleton Nursing and Rehabilitation).