The following are examples of frequently asked questions (FAQ) that we typically answer for property owners after the completion of a reappraisal.
1). My assessment changed substantially. Does that mean my taxes will increase/decrease by the same amount?
No. Even if your assessment doubled that does not mean your taxes would double.
Remember the total grand list has changed as well. The budget was passed at town meeting, and the amount of taxes to be raised is set. The tax rate will adjust as a result of the reappraisal. The education tax rate is set by the State sometime in July. Your individual taxes may be adjusted depending on your income level if you are eligible for a Homestead deduction.
2). I have not done any improvements to my house, how can the value go up or down?
That is because the market has changed since the last reappraisal. The last reappraisal
was completed in 2008. At that time the assessment base was established and has not been changed since that time. The purpose of the reappraisal is to bring the values established several years ago to current market values and to establish equity across parcels.
3). How did you determine my value?
The property characteristics of each property were entered into a computerized
assessment system. Property sales in the Monkton area, over the past three years, were examined to develop a model used to predict the market value of the properties that have sold. After fine tuning the model, it is applied to all property in the town to establish an updated value, which is used to generate an updated grand list.
4). How come my property value went up or down more than other people I know?
The purpose of a reappraisal is not only to update the values to current market values, but
also to equalize the values across town. Some properties may have physically changed since the last reappraisal (bought or sold land, added or removed finished area). Other properties may be located in areas where the market value has changed at a different rate relative to most properties (lake properties, commercial properties). Still others may have been incorrectly assessed during the last reappraisal (wrong square footage, wrong land size, incorrect bath count, incorrect quality grades, incorrect land values). Therefore, comparing percent changes in value across properties is not a measure of equity because of changes in properties and changes in the base due to actual sales.
5). How is the market doing now?
We seem to have recovered from the market downturn from 2009. The latest equalization
report from Property Valuation and Review (PVR) has shown a 1.4% increase in value for each of the past two studies. Monkton has also seen an increase in values. We have returned to a market with fewer available properties for sale, which is increasing sale prices. The CLA (Common Level of Assessment) for Monkton was 86.77 percent of market value based on the 2017 equalization study conducted by PVR. This is down from 87.74 the year before, indicating a slight market value increase.