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Williston board pauses decision on Zephyr Place abatement, seeks VHFA valuation materials
Summary
A contested valuation for Zephyr Place — a former hotel converted to low‑income housing — prompted extended debate over whether the assessor must use the VHFA income‑approach spreadsheet; the board agreed to collect the VHFA valuation, statute text and reconvene within 30 days.
The Town of Williston Board of Abatement continued deliberations on an abatement for Zephyr Place after a prolonged dispute over the proper valuation method.
Champlain Housing Trust’s representative, Michael Monti, told the board that subsidized housing should be valued using the Vermont Housing Finance Agency’s (VHFA) income‑approach spreadsheet and that VHFA certification should be applied under Act 68. The assessor countered that Zephyr Place’s covenants, tax‑credit investor arrangements and mortgage terms make the property’s financing structure unusually complex and that his 35% discount approach reflected those realities.
Board members pressed both sides on whether the statute requires the VHFA spreadsheet (language characterized in the hearing as a question of “shall” versus “should” in 32 VSA §3481). Several members said other Vermont municipalities routinely use the VHFA form and noted the risk that differing town approaches could create inconsistent outcomes for subsidized housing projects.
Because the applicant and assessor could not agree on the correct calculation at the hearing, the board voted to pause the matter and reconvene within 30 days. The board asked for: (1) the VHFA spreadsheet applied to tax year 2023–24; (2) a copy of the cited statute; and (3) printed calculations from the assessor applying the VHFA method so the board could compare results. The assessor offered to run the spreadsheet and provide the math for the board’s records.
The board emphasized that an abatement granted at the hearing addresses taxes due for the period in question but does not itself resolve longer‑term questions about assessment methodology; those matters may be pursued through the Board of Civil Authority or other grievance avenues if necessary.
