Vermont's Statewide Reappraisal: What It Means for Your Commercial Property

Vermont is in the middle of a statewide reappraisal program that’s creating massive inconsistencies in property valuations across the state. Some municipalities have just been reappraised to 2024–2025 values. Others are still operating on baseline valuations from 2019 or earlier. This gap—sometimes five or six years of market movement—is creating significant overvaluation opportunities for commercial property owners who know how to spot them.

If you own commercial property in Vermont, understanding this reappraisal program is critical to your tax appeal strategy.

What Is Vermont’s Statewide Reappraisal?

Vermont’s Department of Taxes oversees a reappraisal program designed to ensure all properties across the state are valued at fair market value on a consistent cycle. The goal is to keep town Grand Lists updated and equitable.

Here’s how it works:

The reappraisal cycle: Towns are reappraised on a rolling basis—roughly every 5–8 years, depending on the Department’s schedule and available funding. When a town’s turn comes, a professional reappraisal firm is hired to physically inspect properties, gather market data, adjust values, and create a new baseline for the Grand List.

Reappraisal values: When a town is reappraised, all properties get new values based on current market conditions, comparable sales from the past 12–24 months, and income data for commercial properties.

Staggered implementation: This is where the problem begins. Towns don’t all get reappraised in the same year. Chittenden County’s reappraisal cycle may be 2024–2025. Washington County’s may be 2022–2023. Rural towns may still be operating on 2018 or 2019 baseline data.

Equalization study aftermath: After each town is reappraised, the Department of Taxes publishes an equalization study comparing that town’s new Grand List values to actual sales prices that occurred during the reappraisal period. If properties sold for more than the Grand List values, the ratio is low (undervalued). If they sold for less, the ratio is high (overvalued).

The Inconsistency Problem: Overvaluation Opportunities

The statewide reappraisal system creates a unique vulnerability for commercial property owners: towns at different stages of their reappraisal cycle have wildly different valuations for comparable properties.

Here’s a real example:

Two nearly identical office buildings in neighboring towns. Building A is in Town 1, which was reappraised in 2023 to current market values. Building B is in Town 2, which was last reappraised in 2019 and hasn’t been updated since.

Both buildings generated similar income ($45,000 net operating income). But Building A is valued at $550,000 (current 8% cap rate). Building B is valued at $650,000 (based on inflated 2019 comps and outdated assumptions about real estate prices).

Building B is overvalued by $100,000 because the town hasn’t been reappraised yet. Its lister is still working from 2019 data that doesn’t reflect the current market.

This happens frequently in Vermont. I’ve helped commercial owners in towns that haven’t been reappraised in 6+ years, where valuations are systematically 15–25% too high compared to newly reappraised neighboring towns.

Which Towns Are Being Reappraised (and When)?

Vermont’s Department of Taxes publishes a reappraisal schedule, though it changes annually based on budget and contractor availability. Generally:

• Recently reappraised (2023–2025): Much of Chittenden County, parts of Rutland and Washington counties
• Mid-cycle (2020–2022): Some Rutland towns, some rural Washington County towns
• Due for reappraisal (haven’t been touched in 5+ years): Several rural and mountain towns, some Windsor County towns

To find your town’s reappraisal status:

1. Visit the Vermont Department of Taxes website at tax.vermont.gov
2. Search for “statewide reappraisal schedule”
3. Find your town on the list and note its last reappraisal date
4. If it was reappraised within the past 2 years, your valuation is likely current
5. If it was reappraised 4+ years ago, there’s a good chance you’re overvalued

How Reappraisal Status Affects Your Grievance Strategy

Understanding where your town is in the reappraisal cycle changes your grievance approach.

If your town was recently reappraised (within 2 years):

Your lister has current market data and recent comparable sales. Your grievance case must be based on evidence specific to your property—not generic market complaints. Focus on:

• Your actual property condition (deferred maintenance, functional obsolescence)
• Your actual income or rental data (if you’re commercial)
• Comparable sales showing you were reappraised above fair market value
• Site-specific issues the reappraisal firm may have missed

The good news: Recent reappraisals tend to be accurate. Your overvaluation, if any, is likely smaller (10–15%).

If your town hasn’t been reappraised in 4+ years:

Your lister is working from outdated baseline data. Market changes since the last reappraisal create powerful evidence. Your grievance case is stronger because you can show:

• Recent comparable sales that indicate higher valuation would be excessive
• Market shift data from neighboring towns that were reappraised more recently
• Income data showing market cap rates have changed since the last reappraisal
• The Department of Taxes’ own equalization study, which may show your town is overvalued as a group

The overvaluation is often larger (20–35%) in towns that haven’t been reappraised recently.

The Equalization Study: Your Secret Weapon

Vermont’s Department of Taxes publishes an equalization study after each municipality is reappraised. This document compares the new Grand List to actual sales that occurred during the study period.

It produces a ratio: median sale price divided by assessed value.

• Ratio of 1.0 = perfectly valued (properties sold for their assessed value on average)
• Ratio above 1.0 = overvalued (properties sold for less than assessed value)
• Ratio below 1.0 = undervalued (properties sold for more than assessed value)

Example: A town’s equalization study shows a ratio of 1.15. This means properties, on average, sold for 15% below their assessed values. Everything in that town is overvalued by 15%.

I use equalization studies in virtually every BCA appeal I file for commercial property owners. I present the study to the BCA and argue:

“According to the Department of Taxes’ official equalization study, this town’s Grand List is systematically overvalued by 15%. This property’s assessed value should be reduced by at least that percentage.”

This argument is powerful because it comes from Vermont’s own data, and the BCA can’t ignore it.

How to find your town’s equalization study:

1. Visit tax.vermont.gov
2. Search for “equalization study” plus your town name and year
3. Download the PDF and find the ratio
4. Keep this number handy for your grievance

Timeline: When Reappraisals Happen and Impact You

Year 0: Department notifies town it will be reappraised (Year 1 or 2)

Year 1: Reappraisal contractor completes market study and adjusts all values

Year 2: New Grand List goes live with new reappraised values. Property owners see new assessed values, often significant jumps or decreases.

Year 2–3: Grievances spike as property owners react to new values

Year 3–4: Department publishes equalization study comparing new Grand List to actual sales

Years 4–7: Town operates under this reappraisal baseline. No updates unless the next reappraisal cycle begins.

Commercial property owners who know this timeline file the strongest grievances 2–3 years after reappraisal, when the equalization study is published and clearly shows whether the town is over- or undervalued.

Reappraisal Timing Strategy

If you own commercial property in a town that hasn’t been reappraised recently, file your grievance NOW. Market data from 2019, 2020, or 2021 is getting stale. Once your town is reappraised (which could happen this year or next), the baseline resets and older overvaluation becomes harder to prove.

If you own commercial property in a town that was reappraised very recently (within 6 months), wait until the equalization study is published before filing. That study is your strongest evidence.

If you own commercial property in a town mid-reappraisal cycle (2–4 years since reappraisal), file now or next year. The equalization study is current, comparables are recent, and your case is still strong.

Statewide Reappraisal: Looking Forward

Vermont’s reappraisal program is ongoing. The Department aims to reappraise all 246 Vermont municipalities within a 7-year rolling cycle. However, budget constraints and contractor availability mean some towns get delayed.

For commercial property owners, this creates a window: towns that are 5+ years overdue for reappraisal are prime candidates for successful grievances, because their valuations are demonstrably stale.

If you own commercial property in a town that hasn’t been reappraised since 2019 or earlier, call your lister and ask when the next reappraisal is scheduled. Then file your grievance before the reappraisal happens—once it does, you lose the “stale baseline” argument.

Key Takeaway

Vermont’s statewide reappraisal program creates predictable overvaluation patterns. Commercial property owners who understand the reappraisal cycle and know how to use equalization studies have a significant advantage in grievances.

If your town was reappraised more than 3 years ago, it’s likely overvalued relative to current market conditions. That’s your opportunity.

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Next Steps

1. Find your town’s reappraisal status at tax.vermont.gov and note the last reappraisal date
2. Download the equalization study for your town if available
3. Check your Grand List notice and compare your assessed value to recent comparable sales
4. Schedule a consultation to discuss your town’s reappraisal status and your grievance strategy
5. Learn more about Vermont’s grievance deadlines or explore your county’s specific challenges

The reappraisal cycle creates opportunities. Don’t let yours pass.