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“We both have stable jobs and know we want to be here for a while. I’m almost 30 … and it’s time to buy a house.”
— Colby Benjamin
PAGE 2 — A Special Publication of The Addison Independent, Monday, July 9, 2012
P!"#$%&' A$$!()#(*, LLCAlyth Hescock, Certi!ed General Real Estate Appraiser
own a home for a smaller monthly payment than ever before. Renters are therefore looking to buy, and with them the interested pool of buyers has shot up in recent months, giving homes on the market more attention.This is clearly good news for sellers.
According to the Northern New England Real Estate Information Network, the sales of single-family homes are up 8.75 percent from last year during the spring period (April through June).These same factors also make the current
market rosier for sellers.Although this may seem like a drastic
change from the dull prospects of previous years in the real estate market, the current
buying and selling climate is a product of the nature of real estate, experts said. Bonnie Gridley, owner
of RE/MAX Champlain Valley Properties, said that
of the market that many people forget.“The market is dynamic.
Many people don’t understand that every time a house comes onto the market or one goes under contract and sells, the market changes,” said Gridley. “The availability of money and loans and the lending climate contributes to the market, as well as the local job market and economy of the area ... as well as the country and the world.”In light of these constant
changes, it is important for both buyers and sellers to note market strategies. Gridley said that the best move for buyers starting the process is to work with a lender to take advantage
situation and understand their buying potential.
For sellers, brokers agree that it is worthwhile to invest in minor updates and time to clean and freshen the home before it is listed. They said sellers should be also realistic about the listing, always price to sell, and welcome any opportunity to show the property. Information like this can be crucial in
avoiding stressful and exhausting home buying or selling. Bill Martin of Green Tree Real Estate attributes buyers’ and sellers’ recent success to increased knowledge of the way real estate works, plus preparation. “More than ever
buyers are educated about the home buying process,” said Martin. “The vast majority of buyers have also listened to Realtors’ advice to be pre-approved with a lender. Both of these are good for the buyers so that they will be ready when the right property is
found. It can be very disappointing for a
home only to have someone else get it because you were not prepared.”Martin predicts that
there will be a steady increase in the local real estate market, with gradual increases in value. He believes that Vermont and
Addison County in particular are desirable places to live and will work to boost a market upturn.As the market changes over the months
and years, so do the ways transactions are
handled. Current technologies can make it easier for parties involved to buy or sell
Associates broker Neil Mackey said that the trends in technology would continue to motivate market changes in the future.“I think more and more people will rely
on and use technology in their everyday real estate transactions than ever before,” said Mackey. “Our profession in Addison County needs more young tech-savvy people to become involved.”In sum, while the buying and selling
process is complex, it can be made easier by knowing the current real estate market. At the moment, there are advantages for buyers and sellers alike, and becoming educated in
Balance(Continued from Page 1)
“The
market is
dynamic.
Many
people
don’t un-
derstand
that ev-
ery time
a house
comes
onto the
market
or one
goes un-
der con-
tract and
sells, the
market
changes.”
— Bonnie
Gridley,
owner of
RE/MAX
Champlain
Valley
Property
“I think more and more
people will rely on and use
technology in their everyday
real estate transactions than
ever before. Our profession in
Addison County needs more
young tech-savvy people to
become involved.”
— Century 21 Jack Associates
broker Neil Mackey
THE CURRENT COUNTY market is improving and offering positives for both buyers and sellers, according to local experts. Low inter-est rates and growing demand for properties are contributing to favorable conditions.
Independent photo/Andrea Warren
PAGE 4 — A Special Publication of The Addison Independent, Monday, July 9, 2012
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For all the prospective home buyers
out there, take a minute to look at these
interest rates — homebuyers today can get
a mortgage for, in some cases, less than 4
percent interest. According to the Federal
Home Loan Mortgage Corporation’s
mortgage market survey, these rates are
some of the lowest on record in the last two
decades. Which means, for those whose
work and family situation is fairly secure
for the next few years, it may be a good
time to buy a house. A conversation with a
thinking about buying determine if now is
the time.
And for those selling a home, real estate
professionals are telling us that that while
the market has not returned to the glory
days of a decade ago, it is certainly more
active than it was two our three years ago
in the depths of the recession. The National
Association of Realtors recently reported
that the number of people who signed
contracts to buy previously occupied homes
rose in May, matching the fastest pace in
two years. Another real estate trade group
currently tracking the market says that
sales of single-family homes in Northern
New England this past spring were up 8.75
percent from the same period last year.
We hope readers will use this supplement
as a guide to get started with buying or
selling a house while interest rates are low
and the market continues to turn around.
Talk with family and friends who have been
through the process, and don’t forget that
many real estate professionals have years of
experience and resources that can help you
buy or sell a home.
— The editors
Editors’ note Dream house(Continued from Page 1)
(See Benjamins, Page 12)
-
thing perfect. They were on the search for a mod-
Moving into an old home did not seem comfort-
-
ties they looked at seemed like great deals, but
after calculating repairs and renovations needed
resulting total cost suddenly fell from reach.
When looking at houses built at the turn of the
last century, they were unsure of the return those
properties would yield.
“Say the house is listed for $230,000, you get it
for 220 or 225. That may seem like a pretty good
deal,” Colby Benjamin said. “But then you’re
looking at closing costs, a new roof, a new foun-
dation, potentially other things that you want to
change … to me I was looking at those houses
and going ‘Market value is 225, I have to sink
50,000 or 60,000 into it to get it up to where I
want the house … is it ever going to be worth
310 or 315? Am I ever going to make that money
When they saw their current home, Benjamin
says he knew right away.
ourselves living in, and it was a price that we
could afford,” he said.
They moved quickly to put in a bid, and got
it. With an offer in only a couple of days after of
seeing it, they had a contract the next week, and
closed on the property six weeks later.
Looking back at the process, Benjamin recalls
that friends and family provided along the way.
As a son of a general contractor, and with more
Benjamin had many guides as a home buyer. The
most helpful advice he was given, he said, was to
“make sure we were buying a house because we
actually wanted to live here, and not just buying
a house because we wanted a house.”
It sounds simple, but Benjamin says that once
they were able to answer “yes” to that question,
they were able to get serious about buying.
Benjamin also recalls their decision to buy a
THIS HALLADAY ROAD home proved to be just right for homebuyers Monica and Colby Benjamin, who found it after over a year of searching in Addison County.
Independent photos/Christy Lynn
A Special Publication of The Addison Independent, Monday, July 9, 2012 — PAGE 5
Ingrid Punderson Jackson Real Estate44 Main StreetMiddlebury, VT 05753802-388-4242www.middvermontrealestate.com
Straightforward Advice fromReal Estate Professionals Choose the Right REALTOR®A Realtor with experience and knowledge will be able to provide you with the guidance you need to make informed decisions. Make sure you choose wisely.
LocationLocation, location, location! How many times have you heard this? It still holds true, and always will. You can re-model, re-design and land-scape but you can’t change the location. Where you buy the home is just as important as the home, if you’ve got appreciation of value in mind.
Home InspectionsA home inspection is a sound investment — it could save you thou-sands of dollars! A professional home inspector will examine structural, mechanical, electrical, plumbing and heating as well as other systems, and can help you make informed decisions.
Your Lender and Your LoanChoose your lender wisely and make sure the loan program is appro-
best for you.
Buy a Home You Can AffordUse a lender’s guidelines and your family budget to decide how much house you can afford. You want to get the most house for your money without over extending yourself.
Buy a Home You LikeBuying a home can be an emotional decision for you and your fam-ily. Think it through and weigh the pros and cons. It’s OK to garner input from family and friends, just remember that you’re the one that
Prioritizing Your Needs List When people decide to start looking for that perfect home, most have a vague idea of what they want. While it’s helpful to not have things set in stone, it will be a plus for you and your Realtor to make a list of what features you have to have in your next home.
Is the kitchen the center of your universe at home? If it is, a great kitch-
you spend a lot of time outside? You’ll want to have some outdoor living space such as a deck or patio. Love to work out? You’ll need space for your exercise equipment.
Once you know what you can and can’t live without, prioritize. What if the house doesn’t have the perfect indoor gym space? Is there room to create it or is this a compromise you’re not willing to make? Once you have the list, communicate with your Realtor. They can make your wants and needs a reality with a little help from you!
The Right Questions to Ask A REALTOR®How long have you been in the business?
Experience is key when hiring a Realtor, especially when it comes to guidance during negotiations. When selling a home, A Realtor’s con-tacts are invaluable and can reduce the time your home is on the mar-ket. When buying a home, A Realtor’s knowledge of the marketplace can save you time and help you avoid looking at homes that don’t meet your needs. What’s your best strategy to help me achieve my goals?
If you’re selling: How will you sell my home? What tools will you use to approach the sale of my home? Will you focus on one form of market-ing, or is your approach to marketing multi-faceted? If you’re buying: How will you help me during the Purchase pro-cess? What services can I expect?
Do you have references, and would you be willing to let me con-
tact your former clients? Ask former clients/customers what their experience with the Realtor was like, how they handled details and how their team worked together.
What haven’t I asked you that I need to know?
There will always be questions. How a Realtor answers them can tell you a lot about their knowledge and how you will interact. You want a Realtor who hears you, addresses your concerns and deals head-on with any questions you may have.
Vermont(Continued from Page 1)
last year. More homes have been introduced
to the market in recent months, generating
greater activity.
Broker Neil Mackey of Century 21 Jack
Associates said that one consequence of this
increase in options is that local buyers have
higher expectations.
“The buyers have more inventory
to choose from,” said Mackey. “I
recently had buyers that looked
at 18 different properties before
making an offer that went under
contract.”
Mackey said challenges could
wants of buyers and sellers. He said
while sellers usually expect to get
more than their property is worth,
buyers are looking for bargain prices.
Bringing these two sides together
determines the fair market value and
— if it happens at the current rate —
boosts creates a more active market.
Higher selling activity can
be partially attributed to Vermont’s low
unemployment rate. Vermont boasts the
lowest jobless rate among New England’s six
states, and Addison County’s relatively stable
economic situation has boosted real estate
demand, according to the experts and the stats.
Addison County’s pending listings have risen
by 29 percent this year, and homes have spent
an average of 64 days on the market, a dramatic
decrease from last year’s average of 211 days.
According to Coldwell Banker Hickok and
Boardman’s Northwest Vermont early spring
2012 market report, Addison County recorded
65 residential sales from January to April, a 14
percent increase from last year. The median sale
price of homes in the area is $185,900, which is
a 13.5 percent decrease from last year. Despite
the fall in home prices so far, experts do expect
them to rise this year due to the low interest
rates and growing demand.
In spite of some negative trends in the
regional and national markets,
from the recently lower costs of
mortgage funds. In April, Federal
Reserve policy makers said they
intended to keep interest rates low
for the foreseeable future.
Due to factors like mortgage
rates and the general economy, the
Addison County market has seen a
sudden spike in activity. However,
not all experts predict it will grow.
Geri Reilly Real Estate agent Jill
Fraga interprets this spring as
“stable” and believes that the local
area market is not necessarily on the
rise because rates may not stay low
forever as demand rises.
“I expect the market may slow in the next
few years as interest rates start to climb back
up,” said Fraga.
While Fraga has a slightly less optimistic
outlook, she also says that area trends have
been positively focused around sustainable
living. More and more attention has been paid
to sustainable aspects in homes and has become
a popular point of interest for buyers in the area,
something that may offer another positive view
of the current state of our state.
“Buyers seem to be paying more attention to
size, age or systems of the home,” said Fraga.
“I expect the market may slow in the next few years as interest rates start to climb back up.”
— Geri Reilly Real Estate
agent Jill Fraga
PAGE 6 — A Special Publication of The Addison Independent, Monday, July 9, 2012
Delightful Country Home c. 1830 Stone Manor
!e Blake House between Rutland and Middlebury. Myriad architectural details of historical significance, but also new custom kitchen, updated bathrooms, and new furnace. 6 picturesque acres. It is gracious, spacious, altogether gorgeous and o!ered at thereasonable price of $565,000.
Call Betty Ann Martin 802-747-7100877-208-0222 toll free Green Mountain Realty
Low rates, programs seen helping many homebuyersBy LAUREN DAVIDSON
-ures demonstrate, individuals in the home-
has proved to be beneficial to Addison
The Addison Independent recently
vice president and loan de-
the current area real estate mar-
question and answer outlines
-spective on home
Q: What have you no-ticed about the real estate mar-
-
Q: A tax credit was available for first-
A: I am not aware of any current tax
have been around for a while available for
-
Q: In the past months, what is there new and different
A: There has been
purchase and re--
tions and extremely -
this observation is relative to
-
-
QA&
THE BENJAMINS ENJOY the kitchen in their new home. The open layout and mod-ern design of this 10-year-old home was one of many selling features for this young couple.
Independent photo/Christy Lynn
PAGE 10 — A Special Publication of The Addison Independent, Monday, July 9, 2012
Decorative ConcreteTurn your drab concrete into something Beautiful
www.rainbowacreslandscape.com
Rainbow Acres Landscaping802-373-5759 / 802-759-2225
LandscapingLawn MowingLightingStone WorkPaver Cleaning & Sealingand More!!!
By MARCY GORDON
WASHINGTON (AP) — The average
Source: Freddie Mac Primary Mortgage Market Survey
The number of people who signed contracts to buy previously occupied homes rose in May, matching the fastest pace in two years, the National Association of Realtors reported June 27. That suggests Americans are growing
market.
A Special Publication of The Addison Independent, Monday, July 9, 2012 — PAGE 11
Champlain Valley Properties101 Court Street, Middlebury VT
www.midvthomes.com
Middlebury – 3 BR 2 bath home w/the charm of old beams, wide
yet the comfort of a 15 year old
meticulously built house. 2 liv-
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short walk to downtown. Call
Ferrisburgh – Cozy 3 Br 2 bath country Cape on a very nicely
landscaped .5 acre lot with a 2 car+
detached garage and large west
facing deck. Conveniently located
level is perfect for entertaining.
or e-mail bonnie@midvthomes.
com
Price
Reduced!
Panton – Beautifully maintained
Extras include a horse barn,
single detached garage, large
attached garage, gorgeous sun-
Convenient to Vergennes. Call
or e-mail bonnie@midvthomes.
com $265,000
Price
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Middlebury – Charming one BR home perfect for the person who
is feeling like he/she has paid rent
include a custom kitchen, new
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are 2 spacious sheds for storage.
or e-mail nancy@midvthomes.
com
Salisbury – Beautifully con-structed 5 star energy rated home
-
-
e-mail [email protected]
$565,000
Middlebury –2-1/2 bath home w/lots of space
on a 2 acre lot w/beautiful maple
to a large DR, spacious family
dry basement plus storage above
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n a n c y@m i d v t h ome s . c om
Brandon Village – Enjoy all that village living has to offer. Walk
to stores, restaurants, library,
-
formal DR, many built-ins, great
a detached barn/garage. Contact
Price
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New Haven Horse Farm –
acres of pastures/conserved crop-
land with a 22 stall main barn,
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-
email [email protected]
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Middlebury – A charming 3BR 1 bath Cape conveniently located
a variety of uses;; small business,
large, private yard w/space to gar-
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Bristol – Vermont farmhouse w/
by the New Haven River yet a
short distance from the charm-
ing village center with its many
throughout. Call Bonnie Gridley
midvthomes.com
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Middlebury – Charming 3 BR,
include an oversized 2 car garage
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midvthomes.com.
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Outstanding Agents
Outstanding Results®
PAGE 12 — A Special Publication of The Addison Independent, Monday, July 9, 2012
MyHomeinVermont.com
Susan Gulrajani, Realtor
802.989.9717
Camp Winona, one of the original cottages of the famous
Lake Dunmore Hotel. Renovated with an upstairs kitchen
and living area. Direct river frontage, deeded land, lake
frontage directly across the road. Lake and mountain
views from upper deck and screened-in lower porch.
Some furnishings included. Currently being used as a 2
family cottage. MLS #4156428, New price $329,500
Lake Dunmore –Camp Winona
Vintage Village Greek Revival. 3 bedroom, high ceilings,
restaurants & schools. Great backyard, plenty of off-street
parking. Currently used as a 2-family w/ upstairs apt.
rental. MLS#4150962 $204,999
Check Out This Bristol Gem!
VINYL SIDING
& ROOFING
Al LeMay
ALSO TREE WORK
home that was move-in-ready, rather than to buy a home that needed more serious work.
-
time,” he said. -
said. --
ect, and it turns out to be a nightmare,” he added.
that goes into owning a house and make sure
when your furnace breaks down, or something -
ways know.” -
have to go onto a credit card with a high interest
for it.”In the end, it seems to have been worth the
--
aging search, “but it was fun, too. And now it
Benjamins(Continued from Page 4)
THE BENJAMINS’ NEW pool offers a great summer refuge as the weather stays warm in Addison County.
Independent photo/Christy Lynn
A Special Publication of The Addison Independent, Monday, July 9, 2012 — PAGE 13
Lang McLaughry Spera Middlebury
66 Court StreetMiddlebury, Vermont 05753
802-388-1000800-856-7585
802-388-7115 (fax)
268 Main StreetVergennes, Vermont 05491
802-877-3232800-577-3232
802-877-2227 (fax)
Opening New Doors Every Day™
Vermont: Greater Burlington,
St. Albans, Middlebury, Vergennes, Fairlee,
Londonderry, Lyndonville, Manchester, Norwich, Rutland, Woodstock
New Hampshire: Hanover, West Lebanon,
Grantham
SHOREHAM3 br, 2 bath home on .61± acres
$267,500 MLS 4123916
VERGENNES4 br, 2 bath homeon .4± acres
$249,000 MLS 4160503
NEW HAVEN 4 br, 4 bath home on 15.45± acres
$398,000 MLS 4081508
MIDDLEBURY4 br, 3 bath homeon .3± acres
$409,000 MLS 4144782
WALTHAM4 br, 3 bath home on 7.84± acres
$379,000 MLS 4164205
NEW HAVEN6 br, 3 bath homeon 3.45± acres
$395,000 MLS 4141197
BRIDPORT 4 br, 3 bath homeon 20.21± acres
$398,000 MLS 4139510
WEYBRIDGE2 br, 2 bath home on 13.68± acres
$395,000 MLS 4018459
MIDDLEBURY4 br, 2 bath homeon .21± acres
$379,900 MLS 4146168
BRIDPORT2 br, 2 bath home on 11.44± acres
$245,000 MLS 4098134
BRISTOL4 br, 3 bath home on .75± acres
$236,900 MLS 4084345
MIDDLEBURY4 br, 3 bath home on .86± acres
$292,000 MLS 4163316
MIDDLEBURY3 br, 2 bath home on 2.52± acres
$329,000 MLS 4126217
CORNWALL4 br, 2 bath
on 23.10± acres$324,900 MLS 4116292
LAKE V
IEW
S
ADDISON3 br, 3 bath home on 12.3± acres
$595,000 MLS 4154979
CORNWALL4 br, 4 bath home on 12.6± acres
$529,000 MLS 4124501
VERGENNES 3 br, 2 bath home on 1.14± acres
$184,900 MLS 4151138
ADDISON3 br, 2 bath homeon 1± acres
$185,000 MLS 4084225
ADDISON6 br, 5 bath home on 71.79± acres
$895,000 MLS 4143347
BRIDPORT3 br, 3 bath
on 11.46± acres$692,500 MLS 4164501
ADDISON3 br, 2 bath home on 10.10± acres
$177,800 MLS 4140565
LAKE F
RONT
LAKE F
RONT
FERRISBURGH2 br, 2 bath home on .5± acres
$212,000 MLS 4153229
VERGENNES 5 br, 3 bath home on .18± acres
$242,000 MLS 4113935
ADDISON 4 br, 3 bath homeon 5.07± acres
$229,000 MLS 4081282
VERGENNES3 br, 2 bath home on .3± acres
$279,000 MLS 4062117
ADDISON 3 br, 2 bath home on 5.01± acres
$254,900 MLS 4163897
BRISTOL3 br, 2 bath homeon .92± acres
$189,950 MLS 4070538
ADDISON 3 br, 2 bath homeon 10.09± acres
$187,500 MLS 4109391
TWO U
NIT
BRAND N
EW
FERRISBURGH3 br, 3 bath home on 2.1± acres
$349,000 MLS 4152760
VERGENNES 6 br, 3 bath home on 4.129± acres
$379,000 MLS 3071034
FERRISBURGH3 br, 1 bath homeon .10± acres
$525,000 MLS 4158512
PANTON2 br, 2 bath home on .85± acres
$529,000 MLS 4144775
FERRISBURGH4 br, 3 bath homeon 20.13± acres
$749,000 MLS 4138598
VERGENNES 5 br, 4 bath home on .45± acres
$329,000 MLS 4051260
NEW HAVEN3 br, 2 bath home on 1.1± acres
$335,000 MLS 4155672
LAKE F
RONT
LAKE F
RONT
OTT
ER C
REEK
NEW
PRIC
E
VERGENNESCommercial/Residential
on Main Street$199,000 MLS 4035962
LEICESTER
convenience store$320,000 MLS 4135845
NEW HAVEN14 guest room motel near Middlebury
$649,000 MLS 4128837
VERGENNESTurn-key ice cream shop with rental space
$449,000 MLS 4028157
BRISTOL
$299,900 MLS 4093611
FERRISBURGHLight manufacturing/retail
space on Route 7$448,346 MLS 4151761
COMMERCIAL PROPERTIES
Connie HoustonManager Broker
January StearnsREALTOR®/Broker
Courtney HoustonREALTOR®/Broker
Richard EstyREALTOR®
Karen MerrillREALTOR®
John NelsonREALTOR®
Donna LaBergeREALTOR®/Broker
Nancy RyanREALTOR®/Broker
Karla HuinzengaREALTOR®
Christine FraioliREALTOR®
Nancy LarrowREALTOR®
Liz MarinoREALTOR®
PAGE 14 — A Special Publication of The Addison Independent, Monday, July 9, 2012
Friendly & ComprehensiveService for Buyers & Sellers in Addison County and Beyond
George Brewer Mirjam Brett Brian Valley
2337 Rt. 7 SouthMiddlebury, VT www.acrevt.com
Kittredge Land Surveying, PLLCSeth W. Kittredge, L.S.
Boundary Retracement – SubdivisionsBoundary Line Adjustments
Replacement of Missing Corner MonumentsVermont Land Records Research
Expert Witness ServicesTopographic/Site Surveys
Construction Layout
Phone: 802-870-7028 Cell: 802-989-1625 28 Thomas Circle - Vergennes, Vt. 05491email: [email protected]
National market picks up
Americans bought new homes in May at the fastest pace since April 2010, according to the Commerce Department. Sales rose 7.6 percent in May from April to a seasonally adjusted annual rate of 369,000 homes.
How does Vt’s education
property tax system work
(See Property taxes, Page 15)
Editor’s note: In Vermont, the state sets the education property tax rate, along with local school boards. All homeowners pay property tax to pay for public schools based on the value of their home and land, and many receive a discount based on their income. The Department of Taxes provided this FAQ about the education property tax rate.How are the education tax rates set?
What is the purpose of the common level
of appraisal?
How does the spending level voted in my
town affect the homestead education tax
rate?
A Special Publication of The Addison Independent, Monday, July 9, 2012 — PAGE 15
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Much has been written about the real estate market over the past !ve years. While the number of sales has decreased, values in Vermont have not decreased by double digits as they have in other parts of the country. If you would like a CURRENT MARKET EVALUATION of your property re"ecting recent sales in Addison County, please contact us to schedule a complimentary analysis with no obligation.
Coldwell BankerBill Beck Real Estate802-388-7983Email: [email protected]
CURIOUS ABOUT THE MARKET?
Property taxes(Continued from Page 14)
= (District Spending Adjustment) 1.55050 or 155.050%.
The effective homestead tax rate is now calcu-lated in the following way:(Base Homestead Rate) $0.89 x (District Spending Adjustment) 1.55050 = (Effective Homestead Tax Rate) $1.3799.
If the CLA in your town is 90.00%, your homestead education rate to be applied to home-stead properties becomes $1.0409.(Effective Homestead Rate) $1.3799 ÷ (CLA) 0.9000 = (Tax Rate Paid by Homestead Properties)
$1.5332Keep in mind that some town districts are also
school districts. In those instances, the tax rate is a combination of the individual rates of the dif-ferent districts of which you are a member.Is the nonresidential tax rate of $1.38 ad-
-
No. The rate for nonresidential property is the same for all property in Vermont. It is adjusted only by the common level of appraisal. If the CLA is 90.00% the rate becomes:(Nonresidential Tax Rate) $1.38÷ (CLA) .9000 = (Effective Nonresidential Tax Rate) $1.5333.
-
Yes. In towns with per pupil spending in excess of $13,526 the homestead rate will be
2013. Consider a school district with spending of
$13,900 per pupil.The homestead tax rate will be $1.4182. That’s
$0.89 times the district spending adjustment.(Locally Approved per Pupil Spending)
$13,900÷ (Base Education Spending) $8,723 = (District Spending Adjustment) 1.59349
(Base Homestead Rate) $0.89 x (District Spending Adjustment) 1.59349 = (Effective Homestead Tax Rate) $1.4182.
The nonresidential tax rate is $1.38.
Of course, both these rates would then be ad-justed by the CLA.
Yes. If a town has “excess spending,” then the Department of Education includes that excess twice in the computation of its district spend-ing adjustment. Excess spending means the per-pupil spending (less eligible construction costs) is in excess of 125 percent of the excess spend-ing base. For tax year 2012 (FY13), the excess spending base is $11,873. So the threshold is $14,841 (1.25 x $11,873). Let’s look at an ex-ample:Your school district spends $15,500 per pupil.
The excess spending base is $11,873. 125% of $11,873 is $14,841.Your per-pupil spending exceeds the threshold
by $659. ($15,500 – $14,841. This is your school district’s excess spending.The district spending adjustment is: [(District spending) 15,500 + (Excess spend-
ing) 659]
÷ (Base Spending) 8,723 = 1.85246Rate becomes: (District spending adjustment) 1.85246 x (Base rate) $0.89)÷ CLAIf the CLA is 85%, the homestead rate is: (District spending adjustment) 1.85246 x (Base Rate) $0.89)÷ (CLA) .85= $1.9396In this example, the excess spending adjust-
ment adds about 7 cents to the homestead rate.
-
-
-
Yes. In those towns that have reappraised for 2012, the common level of appraisal used to calculate the rates will be the ratio of the reap-praised 2012 education grand list to the equal-
2012. The Director of PVR is charged by statute with determining whether a reappraisal has oc-curred that warrants a new CLA..
-
No. Municipal taxes that pay for highways and other municipal services are levied on the municipal grand list. With the exception of the few communities that have different rates in ac-cord with their charter, municipal taxes are not
The selectboard determines the amount to be
total municipal grand list established by the list-ers. There is no adjustment for the common level of appraisal as there is no need to adjust the mu-nicipal values to a single point in time. This is not a state tax requiring equalization across towns.
There is a property tax adjustment worksheet on the Tax Department website. It can used to estimate the property tax adjustment credit. Visit the link below:www.state.vt.us/tax/propertyadj.shtml
assures that a Vermont resident will not pay more than the statutorily established percent-age of household income for property taxes on his or her housesite (house and up to two acres). The difference between the taxpayer’s property tax bill and the property tax based on house-hold income is paid by the State in the form of a property tax adjustment credit. The money is paid directly to the Town. The Town then is-sues the homeowner a property tax bill for the net due. The property tax adjustment calculation uses prior year household income and prior year property taxes.
-
Call the Taxpayer Services Division at 802-828-2865 or toll free in Vermont at 866- 828-2865.You can also send e-mail to: schooltax@state.
vt.us.