Reassessments Coming to Burlington and South Burlington
Cities and towns across Vermont are reassessing property values to take effect in 2021. What does this mean, and how does it impact you? Read on to learn about the process, timeline, and communities affected.
What's the Point of Reassessments?
Municipalities are required by law to reassess all property in a city or town to ensure that new values align with the current fair market value. Assessors consider capital improvements, new development, comparable properties, market data, and the age of your home to determine a new assessed value. The new valuations will go into effect on July 1, 2021, for the 2022 Tax Year. The new assessments ensure that all homeowners are paying their fair share of taxes based on the value of their home.
Will My Taxes Go Up?
Not necessarily! Taxes are based on the yearly city-budget, which isn't impacted by an increase or decrease in property value. If on average, values decrease, then the tax rate will increase. If values increase, then the tax rate will decrease. The total dollar amount collected from property tax will remain the same. If the total of assessments increases across the entire city and the budget remains the same, then you may see a lower tax bill in 2022.
What's the Process?
Both Burlington and South Burlington hired Tyler Technologies Inc. to conduct the assessments of residential properties. Representatives will be working in the field, asking homeowners questions specific to the assessment. They will confirm the number of beds and baths, heating and fuel type, the year built, and other characteristics during this phase. Burlington residents should have received a 'data mailer' to confirm their property information.
Assessors will then use two approaches to determine the new assessed value of your home.
Value estimates are based on comparable properties and their sales history. They will consider similar homes nearby with relative footprints, the same number of rooms, and other features.
The new value is estimated based on how much it would cost to build a replacement home in the same condition, quality, and size. Assessors account for local construction costs and cross-reference this value against recent sales.
Once new values have been posted, homeowners will have the opportunity to review and appeal their assessment. You will be notified by mail of the new value with instructions on how to initiate the appeal process.
What's the Timeline?
Burlington and South Burlington kicked off the reassessment process in August 2019. Below are the timelines for each city provided by Tyler Technologies.
Install Software and Conversion Data
Public Relations Plan
Data Mailer Letters to Property Owners
September 2019 through December 2020
Property Data Collection
New Values Posted and Owners Notified
Informal Property Valuation Hearings
Formal Hearings Begin
Tax Bills with New Value Issued
November 2019 through May 2020
Property Data Collection
Preliminary Value Notice Mailed
Informal Hearings Notification
Final Value Notice Mailed
Defense of Values
More questions about property values and taxes, contact us today to set up a free consultation!