PVR annual report: Vermont property values keep rising as reappraisal backlog and data-system problems complicate equalization work

Jill Remick, director of the Property Valuation & Review division, presented the PVR annual report to the Ways & Means committee on Jan. 28, saying the document is “a report we're required to do every year and submit to the legislature.” The report reflects 2025 data and, Remick said, is intended as a statewide snapshot supported by supplemental town-level tables on the PVR website.

Remick said statewide listed values and equalized property values remain on an upward trend: listed education value rose year over year and the equalized property value change was 10.6% in the most recent reporting period, down from a roughly 14% jump the prior year but still well above typical pre‑COVID levels. The division uses the equalization study to calculate a municipality’s common level of appraisal (CLA) and the coefficient of dispersion (COD), measures Remick described as central to identifying when inequities or stale assessments require reappraisal.

“Reappraisal can also be out of date pretty quickly because the grand lists are the values and what people are willing to pay for arm's‑length transactions is remaining pretty high,” Remick said, noting that some municipalities now have CLAs under 80% and COD variation that can trigger reappraisal orders.

Appeals volumes vary, Remick said: some years see large ‘‘bubbles’’ of appeals (she cited roughly 80 in a busy year versus about 50 this year), and PVR now has authority to remit exceptionally high‑value or complex appeals to Superior Court—informally flagging cases over about $5 million for referral.

Remick outlined targeted programs to help towns: an annual appropriation for commercial litigation, appraisal and assessment support that lets municipalities apply for assistance with high‑dollar or unusual properties; and a request‑pay list value adjustment program to help reimburse towns for attorney or appraisal costs when they defend valuations.

On current use, Remick reported mixed trends: more enrolled owners but slightly fewer agricultural acres, and enrolled farm buildings’ assessed value totaled about $357,000,000 in 2025. She described statutory rules that exclude dwelling house sites from current use and noted limited exceptions for farm employee housing.

Remick urged committee members to consult supplemental tables for town‑level breakdowns and said PVR will take additional testimony later in the session on related topics, including reappraisal implementation and potential statutory changes affecting manufactured housing and other categories.

The committee paused for a break and planned to reconvene with further testimony later in the morning.