Burlington Property Taxes NOTE: The Burlington Grand List for 2005/2006 can be downloaded from the City Assessor's web page at http://www.ci.burlington.vt.us/assessor/grandlist/ and a list of all property taxes billed is available on the City Treasurer's web page at http://www.ci.burlington.vt.us/ct/  .    Impact of 2005 Reappraisal Updated November 14, 2005   PRIOR YEAR TAXES: The tax rate on Burlington business property and apartments increased 21% last year (2004 – 2005), due primarily to Act 68 changes in the education tax. The tax rate on owner occupied primary residences (homestead property) decreased by 1%.   GENERAL IMPACT OF REAPPRAISAL: More than half of all types of property have experienced an increase in property taxes this year (FY 2006), and there have been shifts in property tax burdens because of the Citywide Reappraisal.  The value of apartment real estate has increased significantly more than the value of commercial and single family residential real estate.  INCREASES IN VALUES DUE TO REAPPRAISAL: The total value of all taxable real estate has increased about 99% compared to pre-reappraisal values: Residential real estate (single family & mobile homes) has increased about 100%. Apartment real estate (rental residential) has increased about 124%. Commercial real estate has increased about 73% (Note: two large commercial properties had reductions in appraised value, dragging down the overall average).  Industrial real estate has increased about 99% Utility real estate increased only 24%. (Note: The appraised value of Personal Property (machinery & equipment) has not increased.  It is set in the Grand List at 120% of full value each year. ) SHIFT IN VALUES AMONG CATEGORIES OF PROPERTY: With the disproportionate increase in the value of apartment properties there is a shift in the shares of total real estate value.  This table is based on the appraised values of taxable real estate; it does not include business personal property or the 120% assessment of commercial real estate. Values are as of August 8, 2005 (see Table C at the bottom of this page for detailed information).        Table A: Shift in taxable real estate values due to reappraisal. Category of Real Estate* Pre-Reappraisal  % of Total Taxable Real Estate After Reappraisal   % of Total Taxable Real Estate Residential (owner occupied assumed) 53% 53% Apartments 23% 26% Commercial/Industrial 23% 20% Vacation, farm, other 1% 1% Total of All Taxable Real Estate  100% 100% *Residential includes single family, residential condo, mobile homes & mobile homes with land. Apartments includes 2 family, 3 family, 4 family, commercial apartments(5+ units),  apartment condo and 65% of the value of commercial/residential real estate. Commercial/Industrial includes commercial, industrial, commercial/condo, commercial/residential condo, commercial land, industrial land, utility and 35 % of the value of commercial/residential.  This table is based on an August 8, 2005, report from the City Assessor.  The analysis is by Nancy Wood, Executive Director, BBA.   SHIFT IN PROPERTY TAX BURDEN: There is also a shift in the property tax burden borne by the different categories of property.  This table is based on the assessed values of taxable real estate and personal property, including the 120% assessment of nonresidential property. Values were as of August 8, 2005 (see Table C at the bottom of this page for detailed information                          Table B: Shift in property tax burden due to reappraisal. Category of Real Estate* Pre-Reappraisal  % Property Tax Burden After Reappraisal   % of Property Tax Burden Residential (owner occupied assumed) 47% 49% Apartments 20% 24% Commercial/Industrial - assessed at 120% of value 24% 22% Vacation, farm, other 1% 1% Personal Property - assessed at 120% of value 8% 4% Total of All Taxable Real & Personal Property (Grand List) 100% 100% *Residential includes single family, residential condo, mobile homes & mobile homes with land. Apartments includes 2 family, 3 family, 4 family, commercial apartments(5+ units),  apartment condo and 65% of the value of commercial/residential real estate. Commercial/Industrial includes commercial, industrial, commercial/condo, commercial/residential condo, commercial land, industrial land, utility and 35 % of the value of commercial/residential.  This table is based on an August 8, 2005, report from the City Assessor.  The analysis is by Nancy Wood, Executive Director, BBA.   BASIS FOR ESTIMATING FY 2006 PROPERTY TAX REVENUES: The municipal tax rate was set in May before the formal appeals and the final setting of values. The City estimated that the total Grand List would increase 89%, from $1,899,701,238 to $3,590,844,864.  This total was the basis for calculating municipal property tax revenues. It included the 120% assessment of commercial property, 120% assessment of business personal property, and an allowance for changes based on appeals.  FY 2006 MUNICIPAL BUDGET AND TAX RATE: The City Council approved the FY 2006 municipal budget and a municipal tax rate of 63 cents.  Based on the estimated listed value of $3,590,844,864 this would raise $22,622,323 --  an 11% increase in property tax revenues over the budgeted amount for last year ($20,072,240). SPECIAL ASSESSMENT FOR TWO HOURS OF FREE PARKING: The City Council also approved a reduction in the Special Assessment on downtown properties for the Two Hours of Free Parking to keep it revenue neutral.  It has been decreased from 12 cents to 8 cents. FY 2006 EDUCATION TAX RATES: The education tax rates were set by the State based on the Grand List as of the end of June and after calculating the new CLA (common level of appraisal).  The statewide tax rates for FY 2006 of $1.02 homestead and $1.51 non-homestead were adjusted by the CLA.  The residential (homestead) education rate is $.9295, and the commercial (which also applies to apartments) rate is $1.2201, based on a CLA of 123.76%.     Calculation of Property Taxes for FY 2006: To calculate  municipal taxes on a commercial property, multiply the  reappraised value by 1.2, divide by 100, and multiply by $.63.  (Downtown property: add 8 cents to the 63 cents.) To calculate  municipal taxes on an apartment property: divide the reappraised value by 100 and multiply by $.63. To calculate  education taxes on a commercial or apartment property, divide the reappraised value by 100 and multiply by $1.22201.  The 120% assessment does not apply to education taxes.   TABLE C: Detailed breakdown of property values by categories before and after reappraisal. The white columns for 2004 and 2005 show the share each category represents of all taxable real estate, which is summarized in Table A above. The aqua columns show the share each category represents of an estimate of the total Grand List, which includes commercial property assessed at 120% of value and personal property, also assessed at 120% of value. Note: The aqua columns "% of Total Grand List" can also be interpreted as the proportion of property tax burden borne by each category of property, as summarized in Table B above.. Categories of Property1  2004 Values2  2004 % of Total Taxable Real Estate 2004 Values with 120% Commercial 2004 % of Total Grand List  Final 2005 Values2  2005 % of Total Taxable Real Estate Final 2005 Values with 120% Commercial 2005 % of Total Grand List Owner Occupied Residential                 Mobile Home & Mobile home w/land                3,156,100 0%                3,156,100 0%               3,351,700 0%                  3,351,700 0% Residential/condo            203,564,400 12%            203,564,400 11%           388,272,500 12%              388,272,500 11% Single Family            670,768,500 41%            670,768,500 36%        1,367,503,300 41%           1,367,503,300 38% Total Owner Occupied            877,489,000 53%            877,489,000 47%        1,759,127,500 53%           1,759,127,500 49%                   Rental Residential  2004 Values2  2004 % of Total Taxable Real Estate 2004 Values with 120% Commercial 2004 % of Total Grand List  Final 2005 Values2  2005 % of Total Taxable Real Estate Final 2005 Values with 120% Commercial 2005 % of Total Grand List 2 Family            125,677,300 8%            125,677,300 7%           273,598,282 8%              273,598,282 8% 3 Family              48,512,900 3%              48,512,900 3%           115,947,900 4%              115,947,900 3% 4 Family              34,075,500 2%              34,075,500 2%             85,892,600 3%                85,892,600 2% Apartments 5 Unit +            134,013,434 8%            134,013,434 7%           300,157,000 9%              300,157,000 8% Apt condo                5,387,201 0%                5,387,201 0%               6,678,500 0%                  6,678,500 0% 65% Com/Residential              31,118,653 2%              32,494,313 2%             67,033,720 2%                74,541,350 2% Total Rental            378,784,988 23%            380,160,648 20%           849,308,002 26%              856,815,632 24%                                            -     Total Residential         1,256,273,988 76%         1,257,649,648 67%        2,608,435,502 79%           2,615,943,132 73%                   Commercial, Industrial & Utility 3  2004 Values2  2004 % of Total Taxable Real Estate 2004 Values with 120% Commercial 2004 % of Total Grand List  Final 2005 Values2  2005 % of Total Taxable Real Estate Final 2005 Values with 120% Commercial 2005 % of Total Grand List Commercial/condo              26,527,100 2%              31,832,520 2%             39,182,900 1%                47,019,480 1% Commercial land                7,673,600 0%                9,208,320 0%             17,547,780 1%                21,057,336 1% Com/res condo                   130,900 0%                   157,080 0%                  220,600 0%                     264,720 0% Commercial            272,339,803 16%            326,807,764 17%           469,934,800 14%              563,921,760 16% Industrial Land                1,095,600 0%                1,314,720 0%               1,222,800 0%                  1,467,360 0% Industrial               22,187,902 1%              26,625,482 1%             44,242,400 1%                53,090,880 1% Utility Electric & Other 3              29,300,407 2%              35,160,488 2%             36,406,273 1%                43,687,528 1% 35% Commercial/Residential              16,756,198 1%              20,107,437 1%             36,095,080 1%                43,314,096 1% Cable (personal property) 3                2,156,300 0%                2,587,560 0%               1,451,674 0%                  1,742,009 0% Total Commercial            378,167,810 23%            453,801,371 24%           646,304,307 20%              775,565,168 22%                   Other Taxable Real Estate  2004 Values2  2004 % of Total Taxable Real Estate 2004 Values with 120% Commercial 2004 % of Total Grand List  Final 2005 Values2  2005 % of Total Taxable Real Estate Final 2005 Values with 120% Commercial 2005 % of Total Grand List Farm & Farmland                   340,800 0%                   340,800 0%               1,143,600 0%                  1,143,600 0% Res vacant land              15,905,800 1%              15,905,800 1%             35,027,100 1%                35,027,100 1% Vacation home & land                4,092,000 0%                4,092,000 0%               7,277,200 0%                  7,277,200 0% Woodland                     15,100 0%                     15,100 0%                  211,200 0%                     211,200 0% Total Other              20,353,700 1%              20,353,700 1%             43,659,100 1%                43,659,100 1% Grand List   2004 Values2  % of Total Taxable Real Estate 2004 Values with 120% Commercial % of Total Grand List  Final 2005 Values2  % of Total Taxable Real Estate Final 2005 Values with 120% Commercial % of Total Grand List Total Taxable Real Estate         1,654,795,497 100%         1,731,804,719 92%        3,298,398,909 100%           3,435,167,400 96% Personal Property            128,874,270              154,649,124 8%           128,517,820                154,221,384 4% Estimated Grand List             1,886,453,843 100%               3,589,388,784 100%                   Non Taxable                                   exempt            872,198,044              1,609,613,304       partial exempt              10,593,514                   21,788,913                         Total of taxable & nontaxable property         2,537,587,055              4,929,801,126                         1 Category groupings & analysis by Nancy Wood, Executive Director, Burlington Business Association, 8/10/2005.  Estimates were used where data was unavailable for division among commercial, residential and partial exempt categories.        2 Source of 2004 and Final 2005 Values: Burlington City Assessor John Vickery, "Summary Report of Current Vs. Previous Assessment,"  8/8/2005.  The "grand list" values on this table are derived from those values, but are "estimates" because they may not exactly reflect the actual application of the 120% assessment.  See notes 1 & 3.       3The inclusion of utility in this table within the commercial category assessed at 120% may not be appropriate. By law the 120% assessment is applied "Except for the property of utilities subject to the provisions of 30 VSA Chapter 32" to "all personal and real property set out in the grand list which is not used as residential property, farmland, and vacant land zoned 'recreation, conservation and open space'." Sec. 2. 24 Appendix V.S.A., Chapter 3,  §81 of the Burlington City Charter. The cable personal property is included because it was included in the City Assessor's 8/8/05 Summary Report of real estate assessments. We will check with the City for clarification of this and other details questioned above, and will make corrections as information is made available.   Return to Top of Page Return to TABLE A Return to TABLE B Updated Nov 14, 2005