The assessed value is 70 percent of the true and actual value.

The Grand List is the base the town uses to establish a mill rate after taking into account the revenues and expenditures necessary to provide education and government services.

The Grand List is comprised of three components: real estate, motor vehicles and personal property. Real estate constitutes 92 percent, motor vehicles, five percent, and personal property, four percent of the Grand List.

The real estate Grand List increased in 2008 by $13,059,890, or 1.4 percent. The reason for the increase, according to Mr. Kenny, was partially due to 79 new home assessment increases, the majority of which occurred in the Ridgewood at Middlebury.

There also were assessment increases for renovations, alterations and improvements to existing homes.

"Some houses are completed and others still under construction," Mr. Kenny said.

The 2007 Grand List reported a real estate assessment growth of $15,325,850.

"Fewer new homes were built because of the economy in 2008," Mr. Kenny said.

In 2008, a larger percentage of new homes were completed on the exterior without finishing the interiors. Mr. Kenny said.

"Developers left the interior of homes unfinished because of the economy."

Mr. Kenny said he began to notice this trend in 2007 and increasingly, in 2008. Mr. Kenny compared this with the peak of 2005 where 145 new home assessment changes were recorded.

Mr. Kenny said Ridgewood Development, located on Southford Road, has plans and approval for 326 condominiums.

"The completion of all 326, however, is dependent on the economy."

Mr. Kenny said he was aware the market has changed since 2006, but assessments were conducted by the same method he used at the revaluation in 2006.

The motor vehicle portion of the 2008 Grand List decreased by $2,636,064, or 4.3 percent. The 2007 Grand List reported an increase of $926,680, or 1.5 percent in the motor vehicle portion of the list.

"There was an accelerated depreciation for many SUV models with low fuel efficiency ratings," Mr. Kenny said.

He gave examples for eight-cylinder vehicles: 2006 Lexus GX 470, at 100 percent retail value, was valued in 2006 at $50,535. In 2007, it depreciated by nine percent to $46,200. In 2008, the same SUV depreciated by 37 percent to $28,825.

A 2006 Ford Explorer LTD, at 100 percent retail value, was valued in 2006 at $39,020. In 2007 it depreciated by 30 percent to 27,900. In 2008, it depreciated by 32 percent to $18,875.

A 2006 Range Rover, at 100 percent retail value, was valued in 2006 at $61,693. In 2007 it depreciated by 13 percent to $53,375. In 2008, it depreciated by 26 percent to $39,600.

"There were fewer sales of the large, eight-cylinder SUVs [in 2008]." Mr. Kenny said. "And those that did sell, sold for a much higher rate of depreciation than those vehicles that were more fuel efficient."

The 2006 Honda CRV, a four-cylinder vehicle, at 100 percent retail value, was valued in 2006 at $20,235. In 2007 it depreciated by eight percent to $18,625. In 2008 it depreciated by 10 percent to $16,800.

The personal property portion of the Grand List increased by $1,458,796, or 3.9 percent, half the rate of growth reported in 2007, when personal property increased by $3,181,198, or 9.3 percent.

Most of this increase, according to Mr. Kenny, is based on new equipment reported by businesses, including computers, furniture, fixtures and machinery.

"Seventy percent of the depreciated cost is based on the year of acquisition," Mr. Kenny said.

Forty-three new businesses in 2008 were registered in Middlebury. Mr. Kenny said some larger increases stemmed from Connecticut Light and Power, whose assessment increased by $378,264.

When asked about his prediction for 2009, Mr. Kenny said, "Because Middlebury's Grand List is weighted 92 percent by commercial/residential property, it really depends on how the real estate market rebounds. It's going to determine how much permanent activity occurs in Middlebury.

"I'll be looking at all the new 2008 new homes-in-progress to see if there are any evaluation changes made in 2009," Mr. Kenny said, "even if they haven't sold and closed."

The next revaluation is scheduled for October 1, 2011.