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Select Board discusses revaluation/factoring to align assessments with state valuations
Summary
Board presentation showed town assessments at roughly 51–54% of state valuations; members discussed options including a revaluation or factoring toward state targets (around 75–80%). They emphasized mill-rate adjustment mechanics and impact on exemptions and urged public engagement before decisions.
Town leaders presented valuation data showing Mount Vernon’s assessed values lag state valuations and discussed options to close that gap through a revaluation or factoring.
The presentation showed the town’s current assessed-to-state ratio at roughly 51–54 percent. Board members said the state expects towns to be nearer 80 percent of state valuations. Officials explained that raising assessed values does not automatically raise an individual homeowner’s tax bill because the mill rate normally adjusts downward to meet the municipal budget. One board member illustrated the mechanism: if an assessed value rises from $250,000 to $350,000 for a property, a lowered mill rate could keep the tax bill near the same dollar amount assuming the municipal budget remains constant.
Board members also discussed the homestead exemption (noting current legislative limits and partial restoration) and that increased assessed values could restore homestead and veteran exemption benefits lost due to the existing assessment gap. The board urged residents to follow district-school and county-budget developments because school and county levies make up most of the property-tax burden beyond the municipal appropriation.
Officials said a revaluation is the preferred method for accuracy because it adjusts individual properties by market changes, but factoring could be used as an interim step to move assessments toward state targets. The town advised residents that any change will be accompanied by public information and hearings as part of the budget and assessment process.
