The Town of Stowe, Vermont has completed a reappraisal of all real property, effective April 1, 2005. The last reappraisal was done in 1996 and has not been updated until now (the values in the 2004 grand list were the result of that 1996 reappraisal base and any new construction since 1996 was calculated to that base). In the nine year period from 1996 to 2005, property values have, on the average, doubled, with vacant land more than tripling.

As has been done on past reappraisals, the Town has compiled a complete listing of all 2005 properties on the Grand List and is mailing this listing to each property owner by first class mail as their official change of appraisal notice. The name listed in this notice only includes the first owner of real estate. Due to space restrictions, the second owner has not been listed. Please look at your <b>ADDRESS LABEL</b> for the correct listing of your ownership title. If you see an error, please contact the lister’s office so that the error may be corrected.

For the first time, this listing will also be available on the Town web site. The listing on the web site is by street address to help you group these properties by location in case you do not know an owner’s name. You will be able to search by location or name. Go to “townofstowevt.org” to view the properties in this format.

Vermont statutes require the Town to appraise all taxable property in the town at fair market value (FMV) so that each property owner pays his or her fair share of town and school expenses. In 2002, the State of Vermont mandated that the Town do a reappraisal as its values had slipped below 80% of FMV.

<b><u>DESCRIPTION OF LISTING:</b></u> - To enable you to judge the fairness of your appraisal, the listing contains four figures:

<b>Old Value:</b>  2004 Grand List Value.  This figure is your assessed value in last year’s Grand List.  This value represents the FMV of the properties in 1996.

<b>New Value:</b>  2005 Grand List Value.  This figure is the estimate of the FMV of your property on April 1, 2005. It would be at the level of sales in the summer and fall of 2004.

<b><u>COMPARABLE TAX BURDENS:</b></u>

<b>Old Tax: Estimated Tax based on the 2004 value.</b>
This would be your 2005 tax, assuming there was no reappraisal.  It reflects a $3.00 tax rate which is 9% higher than 2004 due to budget increases over the last year and Act 68 tax policy.

<b>New Tax: Estimated Tax based on the 2005 Reappraisal.</b>
This is an estimate of your 2005 tax burden based on the doubling of the 2004 grand list. It reflects a $1.50 tax rate.

Both of the above tax rates are for a Non Homestead property. If your property is a Homestead property, the comparison tax rates would be 2 to 3 cents lower. It is noted that the final tax rate will be established after Grievance Hearings and you will be notified of your actual tax liability in July with your Tax Bill.

The figure for old and new values does not include deductions for a Veteran Exemption or the State Current Land Use Program.  For those veterans who have already qualified for an exemption (50% rated service disability for $10,000 deduction in value), the amount of deduction from your new tax would be approximately $150.  For those properties enrolled in the Current Use Program, a separate letter will be sent to you showing your taxable value.

JUDGING THE FAIRNESS OF YOUR NEW VALUE:  As a taxpayer, you should be concerned with the fairness of your new value.  The Stowe listers have sought to make this reappraisal fair, reasonable and equitable.  If there are errors, we want to correct them.  Please look at your new value and judge it on its own merit by asking two questions:

Is the new value a fair and reasonable value at today’s market value level?

Does the new value compare to the new value of other properties that have similar characteristics and location?

If your answer to the above questions is “no”, then you should consider appealing your new value.

PROCESS FOR GRIEVANCES – The grievance hearing will be held at the Stowe Listers Office on June 27, 28, 29, 30 and July 1, from 9 am to 5 pm by appointment.

TITLE 32, VERMONT STATUES ANNOTATED, SECTION 4111 (G) reads as follows:

“A person who feels aggrieved by the action of the listers and desires to be heard by them, shall, on or before the day of the grievance meeting, file with them his/her objections in writing and may appear at such grievance meeting in person or by his agents or attorneys.  Upon the hearing of such grievance, the parties thereto may submit such documentary or sworn evidence as shall be pertinent thereto.”

All grievance hearings will be by appointment only.  Please make this appointment by calling the Listers Office at (802) 253-6144.  All grievances must be made by, and the letters postmarked, no later than June 27, 2005.

Tom Vickery will be at the Listers Office to answer any questions you may have concerning this reappraisal on Monday, Wednesday, Thursday and Friday before the start of grievance hearings. The office will be open on Tuesday for assistance.

The listers wish to thank you for your cooperation and kindness to us during this necessary town project.

       STOWE LISTERS:

       Paul E. Percy, Chair
       Leo V. Clark
        Ellen Thorndike