Fayston released its new appraisal last week and voters are awaiting the
official tax rate from the state, which will occur after the grievance
period ends on August 4. Graves has been working to provide the most
accurate estimate she can. This week Graves and other listers are
meeting with taxpayers who had questions about their new appraisal on
Thursday and Friday, July 29 and 30.
Right now Graves expects the new tax rate for 2010 to be around $1.50
for residential properties and $1.54 for nonresidential properties. She
broke down the impact of the reappraisal and new tax rate on a home
previously appraised at $300,000 and now appraised at $400,000.
Property taxes are assessed per $100 of appraised value. As a Fayston
homestead, the property at $300,000 would have been taxed at the old
residential rate of $2.0139 and had a 2009 tax bill of $6,042. As a
nonresidential property, the tax rate of $2.1365 would apply and the
2009 tax will would have been $6,410.
Under the new appraisal, the property, taxed as a residence in 2010,
would have a tax bill of $6,000 ($42 less than the 2009 bill). As a
nonresidential property, the 2010 bill would be $6,160 ($250 less than
the 2009 bill).
In Waitsfield this week, the select board approved a total residential
tax rate of $1.6078 (down 0.9 percent from last year's rate of $1.6227).
The town approved a nonresidential rate of $1.6927, up slightly from
the 2009 rate of $1.6914.
This year, Waitsfield's residential educational tax rate is $1.3138
(part of the total residential tax rate of $1.6078), up 1.23 percent.
Waitsfield's nonresidential tax rate is $1.3987 (part of the total
nonresidential rate of $1.6927), up 2.31 from the 2009 rate of $1.3664.
While towns set their municipal tax rate, the state establishes each
town's statewide tax rate based on the town's Common Level of Appraisal
(how close a town's Grand List is to being at fair market value) and
each town's education spending per pupil.
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