Council Hears Update on Re-Appraisal
The City Council got an update on the city-wide commercial and residential property re-appraisal from City Assessor Todd LeBlanc. The approximately two yearlong re-appraisal project was triggered by the Municipal and Educational Grand Lists falling to 85% of the actual market value of the aggregated properties. The State of Vermont requires re-appraisal when assessed values deviate significantly from market values to ensure that there is fairness in taxation among property owners and, under the Education Tax, fairness between communities.
The City hired the consulting firm Tyler Technologies to conduct the re-appraisal. The work of Tyler staff to gather data on the thousands of properties in South Burlington is near completion at which time the focus will be on evaluating the data and recommending individual appraised values to true each property to market value. This process will be completed in the next couple of months at which time all property owners will be notified of their new appraised values. At that point there will be a period of time during which property owners can “grieve” their new values before the Board of Civil Authority.
This process is meant to be “revenue neutral” in that it is not intended to raise additional income, only to create fairness among and between property owners.
CLICK HERE for Reassessment Schedule