The new Grand List will be sent to the state next week so that the state
can calculate Fayston's CLA (Common Level of Appraisal) and statewide
education property tax rate.
Property owners will receive their tax bills for 2010 shortly after the
state sets the education tax rate. Those who did not receive the relief
they sought during grievance hearings can appeal their new appraised
value to the town's Board of Civil Authority which will hold its
hearings early in the fall.
The new appraisal for the town increases the Grand List from $286
million to $370.6 million. The new appraisal may not bring the town's
valuation up to 100 percent of fair market value, something a town needs
to have its CLA at or near 100 percent. The state uses the CLA to
determine each town's statewide education tax rate. Towns must
reappraise if their CLA falls below 80 percent of fair market value.
Last week, chief lister Gussie Graves said she expects the new tax rate
for 2010 to be around $1.50 for residential properties and $1.54 for
nonresidential properties.
Taxpayers can use the ratio of the old Grand List to the new Grand List
to determine if their taxes would increase or decrease. The ratios are
listed in the tax appraisal booklet that was mailed to taxpayers last
month.
The average ratio of the old to new Grand List is 77.2 percent.
Properties with a ratio of 77.2 percent will see no change in their tax
burden. Taxpayers with ratios higher than 77.2 percent will see a
decrease in their taxes and those with ratios lower than 77.2 percent
will see an increase in their taxes.
The town did not use a three-year look back on real estate sales to do
the reappraisal. The state uses a three-year look back to assess a
town's CLA. Graves said the listers used only one year of real estate
sales to do the reappraisal. Fayston last reappraised in 2004.
The town was assisted in the reappraisal by an independent contracted
appraiser, Tom Vickery. While listers Graves, Tony Egan and Fred Spencer
conducted most of the appraisals, Vickery appraised the properties of
town officials. There are 1,174 parcels of property in the town and
almost all property values increased.
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