Burlington property owners opened their mailboxes this week in an attempt to surprisingly reevaluate the value of their home.
The reassessment took two years. New property reviews were posted on April 8th and owners were emailed of the changes this week.
Since the last citywide revaluation in 2004-2005, the market value of Burlington real estate has “increasingly deviated from its estimated value,” resulting in dollar amounts that are not “fairly and fairly distributed among properties, neighborhoods and property types.” stated on the website of the Office of the City Assessors.
Because the values have changed so much since ’05, Burlington was required by state law to perform the reassessment. The total value of taxable property in Burlington is over 3.75 billion, according to the city appraiser.
Home values determine property taxes in the area, and the changes can be significant: A Burlington resident told the Free Press that his home had increased in value by over 60%. Emilie Stigliani, editor-in-chief of our newspaper, received notification of an increase in value of almost 34%.
Not everyone will see a rise in prices: while some property owners will see a tax increase, others will see a decrease in the appraised value of their home. The Burlington charter requires the city to break even after the tax hike, meaning the changes won’t result in additional money for the city.
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Not happy with the new rating?
You can appeal the newly determined value while you do until April 23. You will need to attend a real estate appeal meeting with an appraiser and have a few options to help you plan:
- You can Schedule your hearing online Visit the assessor’s website and select “Property Appeal Procedures” or access it directly at https://www.burlingtonvt.gov/Assessor/Property-Appeal-Procedures. The hearings are practically held via Zoom.
- You can Schedule your hearing by phone by phone at 1-877-895-9675.
- You can send a letter to the City Assessor’s office to plan the meeting. You can mail the letter to the Burlington Assessor’s office at City Hall at 149 Church Street, Burlington VT 05401. Please see this link for more information on what to include in your letter.
Tax bills based on the new property values will be sent to owners in July 2021.
The Free Press has filed a request with the Office of the City Assessor to find out which parts of Burlington have seen property values go up or down overall. This story can be updated.
Email Isaac Fornarola at ifornarola@freepressmedia.com. Follow him on Twitter: @isaacforn