Vermont Property Tax Information
When it comes to Vermont, property taxes are generally known to be high, but especially so for owners of business and industrial equipment. According to a study conducted by the Minnesota Taxpayers Association and the Lincoln Institute of Land Policy conducted in 2010, commercial and industrial property owners tended to carry the brunt of the tax rate over homestead owners.
Homeowners are already known for paying astronomical amounts of property taxes in Vermont, so business owners in Vermont are subjected to even higher property tax rates.
Advantages and Disadvantages of Property Taxes
While homeowners would rather business owners pay higher taxes than them, some people argue that taxing the businesses more discourages industry and development from entering the area that could benefit all parties involved. Some industries can create more jobs and provide more goods and services that could increase the standard of living for Vermont residents. However, lowering the amount of property taxes would also lower the amount of revenue that local districts receive since property taxes comprise much of the revenue used for public services, such as public transportation, county services, highway patrol, law enforcement and other county services.
Property Assessment in Vermont
Property is assessed by local districts in Vermont, and all real property is subject to taxation. Local assessing officials, also known as “listers” in Vermont, are the ones who determine the appraisal value of property in the state. While determining the appraisal value of some types of property is relatively simply, determining the value of other types of property like commercial and industrial equipment is not.
Commercial and industrial properties have various other factors that must be taken into consideration when assessing them rather than just the 100 percent true and fair market value of the equipment. The net operating income of the property must be taken into consideration as well as the net present value. Similar types or property in the same area and their values must also be taken into consideration. Unfortunately, listers don’t always properly assess commercial and industrial property. After all, they are human too are subject o mistakes in valuations. Fortunately, though, business owners don’t necessarily have to settle for paying for the overassessed amounts. If they believe their properties were overassessed, they can take measures to appeal those assessments and possibly end up getting a refund or reduction in their property tax liabilities.
Assessment Technologies Tax Experts
Assessment Technologies tax experts can assist business owners with proving that their properties were overassessed. Business owners who believe listers valued their properties too high can contact the tax experts at Assessment Technologies who will then assess their properties using their unique valuation method. Assessment Technologies tax experts take all necessary factors into consideration to obtain the truest value of property, and if they find that a property owner’s property was overassessed, they can provide the appropriate proof and documentation in a tax appeal to prove so and help their clients get their tax liabilities lowered. They can also ensure business owners are taking full advantage of any tax credits that they are eligible for too.
Vermont Property Tax Resource: http://tax.vermont.gov/property-owners