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Williston board continues Zephyr Place valuation hearing for further review
Summary
The Board of Abatement continued a hearing on the valuation of Zephyr Place HLP after questions about whether a 10% reduction is separate from, or part of, a 35% valuation below fair market value; Champlain Housing Trust will provide more documentation and the board reconvened within 30 days.
The Williston Board of Abatement continued its hearing on Zephyr Place HLP on May 12 after discussion about the methodology used to value the property.
Assessor Bill Hinman reported that the property’s value was set at 35% under fair market value. Champlain Housing Trust representatives (Michael Monte and later Luther Kinney) cited VSA 32 §3481 and a VHFA spreadsheet used to calculate assessments for affordable housing, explaining that unit valuations are often income-based rather than market-based. Board members questioned whether a proposed 10% reduction should be applied in addition to, or as part of, the assessor’s 35% valuation. Tony Lamb suggested continuing the hearing so the statute and valuation process could be researched further; the hearing was continued to reconvene within about 30 days. The board later moved into a deliberative session to consider the submitted materials and next steps.
The continuation gives Champlain Housing Trust an opportunity to supply more documentation and the assessor’s office time to run additional calculations and clarify whether a manifest error exists in the valuation approach.
