Home News and Features City Grand List Drops $7.6 Million After Property Tax Appeals

City Grand List Drops $7.6 Million After Property Tax Appeals

The Montpelier Board of Civil Authority (BCA) has wrapped up work on 69 property tax appeals, granting tax assessment reductions on 30 of the properties and resulting in a $7.6 million decline in the city grand list, according to figures supplied by city assessor Marty Lagerstedt. As a result of the decline, the proposed municipal tax rate was increased by 0.73%. 

The biggest reduction was given to National Life, whose property value had been set during the reappraisal at $60.9 million and was reduced by $5.5 million to $55.4 million. National Life has already appealed the BCA figure to the state Board of Appraisers, requesting a reduction to $36.7 million.

If National Life is successful in its appeal to the state, the grand list would drop another $18.7 million, the equivalent of causing a 1.5% increase in the tax rate, according to figures presented to the City Council Jan. 17 by Montpelier Finance Director Sarah LaCroix. However, National Life’s appeal could be unsuccessful or lead to a reduction that is less than what they have requested.

Reductions were also given by the BCA to 16 apartment buildings, many of them affiliated with Downstreet Housing and including the apartments at the Taylor Street transit center. Those were granted because “there was a discrepancy in allowable expenses,” Lagerstedt said.

Twenty-six tax appeals were withdrawn by the property owners, most of them without giving a reason, but eight withdrew after Lagerstedt negotiated a new assessment, he said.