Burlington creates property tax calculator following reassessment sticker shock
In an effort to allay confusion and fears that taxes will go up along with higher real estate revaluations, Burlington has released a new online calculator to help homeowners better understand their future taxes.
Many Burlington homeowners last week expressed shock at the higher-than-expected reassessment letters they received from the city. The city has not reassessed property values ââsince 2005, and the strong growth in the city’s real estate market over the past 15 years has mainly driven the jumps in value that property owners have seen.
While some feared their property taxes would rise as their reassessments increased, city officials reassured residents that this was not the case. Under the city’s charter, revaluations are income neutral, so some residents may see small increases, but the total income the city collects from property taxes must remain the same.
Mayor Miro Weinberger told VTDigger last week that a new tool was being created to help residents understand what their future taxes might look like under these reassessments. An exact estimate cannot be provided as tax rates for fiscal 2022 have yet to be set by the Legislature, which are expected to be lower than current tax rates.
The Reassessment Impact Tool calculator estimates what homeowners should have owed in property taxes for fiscal year 2021 in their July 2020 tax bill. Homeowners can enter the revalued value of their property and see what happens. they would have paid in municipal and school taxes, which constitute their total bill.
A house worth $ 300,000 in Burlington would bring in about $ 1,914.90 in municipal taxes and $ 4,615.50 in school taxes, for a total of $ 6,530.40, according to the calculator.
A house revalued at $ 175,000 would bring in $ 1,117.02 in municipal taxes and $ 2,692.38 in school taxes, for a bill of $ 3,809.40.
If residents feel that their property’s re-appraisal is incorrect, they still have time to appeal the appraisal. Homeowners must submit a property value grievance to the city by April 30.
– Grace Elleston