2020 Equalization Study Results
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Vermont raises education funds through several tax sources including a state education property tax. The state education property tax is based on each municipality’s grand list of properties. The Division of Property Valuation and Review (PVR) conducts an annual Equalization Study of all the municipal grand lists.
The primary purpose of the Equalization Study is to assess how close the properties on the grand lists are compared to fair market value. The reference to equalization stems from the fact that most municipalities’ grand lists are not at 100% of fair market value in any given year. If the grand lists were always at 100% of fair market value, there would be no reason for the state to estimate market values and determine common levels of appraisal (CLA). The CLA is used to equalize the education property tax rates throughout the state.
The commissioner is required to determine the equalized education property tax grand list and coefficient of dispersion (COD) for each municipality in the State. 32 V.S.A. § 5405. The COD helps to ensure that property valuations within a municipality are equitable.
The results of the Equalization Study are used to do the following:
- Determine education property tax rates
- Determine whether a municipality must undergo a reappraisal
- Determine taxes municipalities pay to the county
Learn more by reading the Introduction to Vermont’s Equalization Study.