Towns that are planning a reappraisal must report to the Division of Property Valuation and Review (PVR). PVR will evaluate the planned reappraisal to determine whether the town’s plan will meet the goal of coming into compliance of the coefficient of dispersion (COD) which is used in setting the education tax rates.
Please review the necessary reporting forms and step-by-step instructions of the reappraisal process. PVR has created a checklist for municipalities that outlines the steps to take before, during and after a reappraisal.
What Is a Reappraisal
There are four generally accepted reappraisal activities.
A complete reappraisal is a re-assessment of all town properties including the following:
interior property inspections
development of new land and building pricing schedules
adjustments and factors.
The goal must be to implement new values for all properties that reflect 100% of fair market value.
Rolling reappraisal or (Cyclical Reappraisal) is a type of complete reappraisal. What differentiates a rolling reappraisal from a complete reappraisal is that it is conducted and implemented over more than one year.
Statistical update is a revaluation of all town properties but unlike a complete reappraisal does not require on-site property inspections except to confirm validity of data for a sample of properties. The goal must be to implement new values for all properties to reflect 100% of fair market value. If building permits are not required in your municipality and there is no program of systematic re-inspection of all property, this is likely not an acceptable method of establishing equitable values as any inequities that currently exist within the grand list may be magnified using a statistical update.
Partial reappraisal is a reappraisal activity that by design is targeted to either less than all properties in a town or adjustments to a limited number of factors that will result in a change of value but will generally not result in bringing the entire municipality to 100% market value. The goal of a partial reappraisal is to improve the appraisal equity among specific categories, types and/or neighborhoods of properties within a town by bringing them to approximately the same level of appraisal as the rest of the properties in that town.
Approved Appraisers and Appraisal Firms
Per the Rule on Required Appraisals “a list of individuals responsible for data collecting, performing appraisals and providing project supervision” must be submitted with the municipality’s Detailed Compliance Plan. Property Valuation and Review maintains a list of all firms, project supervisors, appraisers, and appraiser trainees who have satisfactorily demonstrated their qualifications according to Rule 86-P65.
View the current list of Approved Appraisers and Appraisal Firms, updated regularly. If you have questions about this list or the reappraisal process, please contact us at firstname.lastname@example.org.
CAMA Vendors and CAMA Requirements
The municipal Computer Assisted Mass Appraisal Software (CAMA) vendors listed below have successfully demonstrated the ability to meet the current requirements as defined in the CAMA Requirements V3.5.
Reappraisal Orders and Reappraisal Request for Proposals (RFP)
Municipal Officers can now post information regarding active or future Request for Proposal for reappraisal service on the Vermont Business Registry and Bid System which can be found on the Agency of Commerce and Community Development's (ACCD) website.