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Property Tax Adjustment

If you have purchased a home recently and you discovered that the town you live in has your property's assessed value at GREATER than what you paid for it, there is a chance you can get your property taxes reduced. A few local towns did their periodic assessments at the height of the market, so some buyers are purchasing homes in this current market with tax assessments at much higher values.

Now every town in Vermont does things differently (we all know that!) but the process is generally quite simple. 1. Contacproperty tax imaget your town treasurer to find out the how and when to file a grievance. Many towns do it in the spring, others are on-going. 2. Contact the Realtor you used and ask them to provide you with a few comparables - these are homes that sold around the time you purchased yours that support the reduced assessed value you wish to obtain. For instance, if you purchased a home for $350,ooo and the tax assessment is at $425,ooo, you would want to have some property closures of similar style homes that fall into that $350K range. 3. Make sure to have a hard copy of your purchase and sale contract and any closing documents - some towns will request that. Some towns will also request a letter in writing stating what you are looking for, or possibly have a form for you to fill out, but that's about it. Let us know if you've had experience with this or have anything to add!

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