Property assessment changes
The Vermont Legislature has changed the way that properties with subsidized housing units must be assessed for real estate taxes. Title 32 of the Vermont State Statutes, Section 3481(1) dictates that the Income Approach to Value be used.
Therefore, it is necessary for the Owners/Managers of each subsidized housing project to supply to the local town Listers a detailed breakdown of all income and expenses related to the property that has been "certified by an independent third party." This information, along with information from HUD and the Vermont Department of Taxes, Division of Property Valuation and Review, will be used to establish the assessed value of the property.
This information should be provided as soon as possible in order to establish an assessed value as of April 1, 2011 for the Fiscal year 2012 tax bill. Inventories, by statute, are due at the Listers office on, or before, April 20, 2011.
For details on how this information will be used by Listers, go to the Property Valuation and Review Lister/Collector Information and Resources page of the Vermont Department of Taxes and then click on Valuation of Subsidized Housing Worksheet and Subsidized Housing Worksheet Instructions (28 KB; DOC).
