Tax department reports sharp increases in Vermont property values, urges reappraisal rollout

Summary

The Tax Department told the Senate Finance Committee that Vermont's equalized education property value rose about 14% over the prior year, the statewide common level of appraisal (CLA) is near 72%, and the department is implementing a six‑year reappraisal cycle while managing a high current‑use enrollment.

Jill Remick, director of Property Valuation and Review (a unit of the Vermont Department of Taxes), briefed the Senate Finance Committee on Jan. 23 on the department's annual property‑valuation report, which includes equalization results, reappraisal status and current‑use program data.

Remick said the "total actual equalized education property value increased by about 14%," following double‑digit increases in the prior two years. She told senators that such sustained growth has complicated tax‑rate calculations and prompted recent changes in how the state applies common level of appraisal (CLA) adjustments in the tax‑rate calculation.

Jake Feldman of the Tax Department explained the procedural change: comparing town CLAs to a statewide CLA at an earlier step in the tax‑rate calculation reduces the year‑to‑year volatility that had appeared on…

Tax department reports sharp increases in Vermont property values, urges reappraisal rollout

Summary

Subscribe to keep reading