ADDISON — The final 2017-2018 residential property tax rates in the three smaller Addison Northwest School District towns, Panton, Waltham and Addison, are lower than in the 2016-2017 fiscal year, although the decrease in Panton is minimal.
Meanwhile, non-residential rates — paid by owners of business and rental property and second homes along Lake Champlain — dropped in Waltham, rose by less than 2 cents in Addison, and increased by around 5 cents in Panton.
State tax officials in late June had already set residential school tax rates that dropped by more than 13 cents in Addison and by almost 11 cents in Waltham, while adding less than a penny to Panton’s homestead rate. Rates are stable or lower in ANWSD communities in large part because of the 10-cent discount taxpayers received after approving district unification in March.
Between July 19 in Addison and this past Wednesday in Panton selectboards in each of those towns set the smaller municipal rates needed to collect enough money to support the town office, building and grounds maintenance, and road spending voters approved back on Town Meeting Day.
By the summer, town officials know how much revenue their towns’ grand list will produce and where year-end fund balances stand for fiscal years that wrap up on June 30. Thus selectboards wait until this time of summer to make new tax rates final and ask town clerks and treasurers to mail out the first bills of the new fiscal years.
ADDISON
On July 19 the Addison selectboard set the municipal tax rate at 40.49 cents, including 0.14 cent to fund a voter-approved veterans’ tax exemption. That municipal rate is 0.96 cent higher than the 2016-2017 rate.
Combined with the new homestead school tax rate of $1.4975, which is 13.25 cents lower than the previous homestead school rate, Addison’s new residential property tax rate is $1.9024 per $100 of assessed property value.
That overall rate is 12.29 cents lower than Addison’s 2016-2017 rate of $2.0253.
The decrease translates to $129.29 less in taxes per $100,000 of appraised value, or about $246 less for a $200,000 home.
Property taxpayers in Addison or any Vermont town who pay based on their incomes and not on the values of their homes will not necessarily see the full amount of the decrease, just as they would not have to pay the full amount of any increase. About two-thirds of Vermont taxpayers pay based on their incomes and receive prebates on their property taxes.
Addison’s new non-residential FY2018 school tax rate is $1.4089, compared to $1.4005 in FY2017.
That 0.85-cent increase, combined with the 0.96-cent municipal rate increase, means an overall jump in the town’s non-residential rate of 1.81 cents.
That difference translates to additional $18.00 per $100,000 of assessed value for Addison’s non-residential property owners.
PANTON
On Aug. 23 Panton’s selectboard adopted a municipal tax rate of 55.16 cents that includes 0.09 cent to fund a voter-approved veterans’ tax exemption.
That rate is 0.78 cent lower than the 2016-2017 rate of 55.94 cents. Residents voted on Town Meeting Day to apply $10,404 of a projected year-end surplus to prevent the town tax rate from rising. Selectboard Chairman Howard Hall said the town’s grand list grew by more than expected, allowing the board to adopt a lower rate.
Coupled with Panton’s new homestead school tax rate of $1.5554, which is 0.59 cent higher than the 2016-2017 rate, Panton’s homeowners are seeing a 0.19-cent overall decrease in their residential rate.
That decrease translates to a $1.90 less in taxes per $100,000 of appraised value, or $3.80 less for a $200,000 home.
Panton’s new non-residential school tax rate is $1.4634, a 5.64-cent increase over the previous rate. Combined with the new municipal rate, owners of Panton commercial and lakefront property are looking at a 4.68-cent increase in their tax rate.
That increase translates to an additional $48.60 of taxes per $100,000 of assessed value.
WALTHAM
On Aug. 7 the Waltham selectboard adopted a 38.5-cent municipal rate for the 2017-2018 fiscal year that is unchanged from the previous town rate.
Combined with the new homestead school tax rate of $1.6592 (almost 11 cents lower than the previous homestead school rate) Waltham’s FY 2018 residential property tax rate is $2.0442, and it is 10.61 cents lower than the 2016-2017 rate due to the decrease in the town’s school tax rate.
The increase translates to $106.10 less in taxes per $100,000 of appraised value, or $212.20 less for a $200,000 home.
Waltham’s new overall non-residential school tax rate is $1.9461, a figure that is 7.08 cents lower than this past fiscal year’s rate.
That difference translates to $70.80 less in taxes per $100,000 of assessed value for Waltham’s non-residential property owners.