Stonington -- The town’s grand list, or its total value of taxable property, soared by approximately 36% in 2022 compared to 2021, mainly due to a 41% increase in real estate values.

Jennifer Lineaweaver, town assessor, attributed the increase to the revaluation of all real estate in town.

After subtracting exempt property, the town’s net grand list, including real estate, personal property and motor vehicles, increased by $1 billion to $4 billion as of October 1, 2022.

Real estate, which comprises the majority of the list, totaled $3.6 billion after accounting for tax exempt properties. The increase is most property owners’ assessments does not mean there will be large increase in their tax bills as the tax rate will decrease proportionally due to the larger tax base. Tax bills could increase based on a increase in the proposed 2023-24 budget.

Motor vehicle assessments rose by $8.8 million, or 4.3%, over last year, to approximately $215 million, and personal property grew at 1.3% to $165 million.

“Motor vehicles went up a little bit, but not much,” Lineaweaver said. She added that the increase in used car values is slowly declining.

“There was still an increase over last year, but not to the extent we saw over the last two years,” she added.

The town’s top 10 taxpayers are:

1. Connecticut Light & Power $56,181,090

2. Senior Living by Masonicare, $42,438,690

2. Mystic CT Senior Property LLC (Stone Ridge & ROC Seniors) $23,929,200

3. Aquarion Water Co. of CT $14,447,760

4. DDH Hotel Mystic LLC (Mystic Hilton) $13,768,550

5. VIII-HII-Whitehall Avenue LLC (Residence Inn) $12,436,090

6. Mashantucket Pequot Tribe $11,707,260

7. Joyce O. Resnikoff trustee (Olde Mistick Village) $10,944,000

8. Yankee Gas Services Co. $10,012,410

9. Spirit Master Funding X LLC $8,948,600

10. Brookside Associates Limited Partnership $8,578,400

The ranking for Masonicare is based on its estimated payment-in-lieu-of-taxes agreement with the town, which calls for it to pay a portion of the tax rate for the general government operating budget, debt service and capital improvements.