City Center Contributes to Grand List Growth

City Center Contributes to Grand List Growth

South Burlington’s total grand list is a sum of all property values in the City, updated annually on April 1. In 2023, ours was the second largest grand list in the State of Vermont. Now, our total 2024 municipal grand list is $4,282,315,000 billion, up $135,616,900 million from last year.

Why the increase? Property values change for various reasons – from home improvements to new construction to the occasional citywide reappraisal. This year, the increase was largely due to the buildout of City Center and well as several large commercial and residential projects built throughout the City. On the residential side, the value of our residential/condominium properties increased by 1.35%. Outpacing this, the value of our commercial properties increased by 7.58%.

City Center is growing more quickly than anticipated, with several buildings opening a year as opposed to the previously anticipated one per year. As a result, there was a 34.26% increase to the total TIF District grand list over the previous year. With the continued pace of construction, we anticipate another significant increase in the value of the TIF District in 2025.

All together, these increases result in a 2024-2025 Municipal Tax Rate increase of 5.39%, less than the 5.82% increase approved by voters on Town Meeting Day.
City Center in progress-9O2A2461
July 10, 2024