The Warren Reassesment

**Hawk** · 08-18-2008, 02:57 PM

Have you recieve the reassessment documentation in the mail yet? Yow!

My property assessment tripled so I am assusming my taxes will triple. I guess I will have to claim homestead or move to Waitsfield.

It seems a little unfair to heap such a large increase on people. Do you think it will impact the real estate?

**noski** · 08-18-2008, 03:22 PM

If Warren did a true reassessment, then the tax rate should equalize and be smaller. Your tax bill would be more than last year, but not triple. I hope....

My taxes went up about 700 from last year-(Fayston) based on the same assessment. ouch.

**castlerock** · 08-18-2008, 05:20 PM

Yes the assessment tripled, but the tax burden is still divided by the entire value of the town. The number to look at is the ratio number. That is the number that tells whether your tax burden will go up or down. Under 50% you pay more (relative) and over you pay less.

If you look at the list it is an extraordinary shift of tax burden from homes in the valley to condos on the hill. Condos have ratios in the 30's and 40s, houses in the 50s and property tends to be in the 60s.

First homestead, now this.

The condo valuations had a speculative bubble and transaction values have been declining for the past year. But that hasn't happened soon enough to reduce the relative tax assessment. We need a condo owners association to represent us before the town. We are being unfairly taxed without any representation in the process.

I am pissed

**madhavok** · 08-19-2008, 08:32 AM

Just more of the same with no end in sight. Out of stater = get screwed.

What can we do besides complain about it?

**Hawk** · 08-19-2008, 08:44 AM

Thanks Castlerock. I was actually looking for a reality check with this post. I need to talk to my local tax guy and figure out my options.

You are right. It is taxation without representation. I think we need a tea party or some kind of protest.

**Lostone** · 08-19-2008, 10:54 AM

Question is, does the new assessment seem high to you?

Mine was also more than tripled. But it was assessed at $23,000, before. I could sell a bunch of these places for $23,000.

Now it is assessed for $74,300. There are properties in the building that are listed, and I believe all are listed for above that, as previous sales were above that. But as castlerock said, that was during the bubble. And the properties that are listed. . . aren't actually selling.

As for the tax rate, Remember last year's rate wasn't all that high, but the CLA brought it up significantly higher? I'm expecting either no CLA, or one in the other direction. (The other direction would assume they recognize that the prices are listed higher than they actually are and make an adjustment. . . which isn't all that likely.

)

I am also hoping that the actual tax increase won't be very high. . . but we've yet to see a tax rate.

**Yard Sale** · 08-19-2008, 12:08 PM

Originally Posted by castlerock

. . . it is an extraordinary shift of tax burden from homes in the valley to condos on the hill. Condos have ratios in the 30's and 40s, houses in the 50s and property tends to be in the 60s . . . We are being unfairly taxed without any representation in the process.

I am pissed

Kind of brings new perspective to the Green Mountains. My assesment increase by more than 150%. Thar's GOLD in them thar hills. Fool's Gold. You don't have to mine it. Fools from out of state deliver it by the car load.

No tax rate yet? Taxes are due in full Columbus Day, no? I mean regardless of what the new rate is, I understand that I have no option but to continue to hold on to my ankles, as I do so, however, it might be nice to have an idea what the hell is coming down the pike.

When is the new rate due to come out?

**teleo** · 08-19-2008, 01:49 PM

Originally Posted by Lostone

Question is, does the new assessment seem high to you?

hmm, I just closed on Monday on a condo (thank you to all here who helped with info etc)
The new assessed value is about 5% higher than what the place was listed at on May 18th and about 10% higher than what I just paid on the open market.

If I calc the ratio with my purchase price instead of the assessed value it goes up from .38 to .42.
Would they take actual prices into consideration?

Oh well, I'll console myself by telling myself I just got a great deal.

**castlerock** · 08-19-2008, 01:51 PM

You need to challenge the assesment.

**Yard Sale** · 08-20-2008, 01:05 PM

The rate is reportedly going to fall around 1.50-1.60 which should ball park a meager 15-20% bump on the ol' tax bill.

**Hawk** · 08-21-2008, 08:31 AM

I just looked at what I paid last year for taxes and the rate. I took my new assessed value, used the 1.6 rate and calculated that my taxes will go up 43%.

Has anybody else done this exercise?

**Yard Sale** · 08-21-2008, 09:08 AM

Actually, I stand corrected I'm up 35%.

**win** · 08-21-2008, 05:10 PM

Vermont Taxes are out of control and an entire zero base approach is needed. What everyone can do is to be proactive. If you are a resident find out where the candidates stand on this issue and vote accordingly this November. If you are a non-resident, I would recommend that you communicate with the appropriate State legislators from the Valley. They are Carol Hosford, Bill Doyle, Phil Scott and Ann Cummings. I have and heard from all but Ann Cummings. You can get their email addresses on the Vermont Government website. I would also email the two main Gubernatorial candidates.

**win** · 08-22-2008, 11:11 AM

I will add one further addendum to my comments. Last year the owners of Clay Brook paid approximately $750,000 of new property taxes to Warren. Because there is very little if any additional burdens on the town budget everyone's property taxes should have gone down in Warren. However, because of the way ACT 68 works Warren received very little benefit from this development. This is a prime reason why Act 68 needs to be modified and why all tax payers need to let their representatives know their feelings pro or con Act 68.