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Property Valuation and Review
Property is assessed at the municipal local level in Vermont. Real property is listed to the April 1 owner of record. 32 V.S.A. §3651. Local assessing officials, called listers in Vermont, are charged with determining the appraisal value of property.
The legislative body of the municipality (selectboard or alderboard) sets a tax rate or rates to raise money for highways and other necessary municipal expenses. 17 V.S.A. §2664. There are also provisions for the levying of taxes in villages and fire districts.
For the purposes of education funding, all real property is classified as either homestead or nonresidential. A statewide education tax is imposed on these two classes of property at different rates. 32 V.S.A. Chapter 135. The basis for this classification is the Homestead Declaration. Any property that is not a homestead is nonresidential property.
The homestead education tax rate in each municipality depends upon the local per pupil spending. Both the homestead and nonresidential education tax rates are adjusted by the local common level of appraisal. Each town will receive notice on or about June 30 of the education rates to be levied.
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