On November 28, 2017 the Dorset Selectboard approved to begin steps to start a town wide reappraisal of all real property within the Town of Dorset.
Generally Dorset's Grand List is very solid. In the years that followed the 2008 financial crisis the Dorset Grand List declined slightly. Over these years there have been developments of inequities between many properties in Town. The Dorset Assessors Office works diligently to assure assessments are as equitable and accurate as possible.
FACTS: CLA: 105% COD: 17.55% Equalized Grand List 2018: Last Statistical Reappraisal: 2006 Last Town wide Reappraisal: 2003
The Common Level of Appraisal (CLA) is a statistic that measures the general status of the valuations of property in a grand list. In Dorset the CLA was recently around 105%, meaning that on average Dorset properties are valued 5% higher than 100% or market value. A CLA in the 95% to 105% range is considered good. The CLA is also used in the calculation of education tax payments.
Equity between the valuation of property is tracked by the State of Vermont in a % statistic called the Coefficient of Dispersion (COD). The COD tells us the equity of the valuations of sections of property in Town. Generally a COD below 10% is considered good, and as the number approaches 20% it can trigger a mandatory reappraisal order from the State of Vermont. For example, the COD figure can rise, if properties valued at or below $400,000 are consistently selling for less than the grand list value and conversely properties above $750,000 are consistently selling for more than the grand list value. In this sequence a case can be made that generally properties under valued at $400,000 or less may be over valued while properties valued at $750,000 or more may be under valued. This is just an example as the valuation threshold could encompass any home value. It should also not be assumed that all properties within these sections are subject to inequity issues with valuations. Again, this statistic is used to measure the disparity in equity of the Grand List based on recent valid sales data. Currently the COD in Dorset is 17.55%, this indicates that there is an equity issue within our Grand List. Generally municipalities in Vermont reappraise and update property record cards every 8-10 years. Dorset has gone 14 years from the last full reappraisal. Since 2003, valuation software has changed and the new reappraisal will allow the Town to update the software used in an effort to produce the best storage and presentation of our Grand List data. Dorset Property owners can expect to receive a letter in the mail, in late 2017/ early 2018 from the Assessors Office outlining the reappraisal plan and how collection of data will impact property owners. Dorset is fortunate to have a solid group of local professionals and residents to carry out this task. The local connection will help us achieve a high quality, fair, and accurate result. In addition performing the reappraisal "in house" will save Dorset taxpayers thousands of dollars. Questions? Contact Margot Schoffstall or Theda Farrell at 802-362-4571 x 6 or firstname.lastname@example.org