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criteria, the appraised values used in ratio studies will not be representative and ratio statistics will be distorted. In all probability, calculated measures of central tendency will be artificially high and measure of dispersion will be artificially low.” 4

Percentage of Municipalities with COD's

Tax Year

10% and less

>10% and <20%

20% <30%

to 30% higher

and

1981

1%

25%

42%

31%

2000

20%

64%

15%

1%

2001

13%

69%

17%

1%

2002

14%

65%

20%

1%

2003

14%

62%

24%

0%

2004

10%

57%

32%

1%

2005

6%

51%

40%

3%

2006

5%

51%

36%

8%

2007

10%

56%

26%

8%

2008

27%

51%

21%

5%

2009

2%

54%

12%

2%

Clearly assessment equity has improved since 1981. In 1997 32 V.S.A. Section 4041a was enacted. It requires that a municipality with a CLA less than 80 percent or a COD greater than 20 percent must reappraise and will be ordered to do so by the director of PVR. If a municipality does not make a reasonable attempt to reappraise its grand list, all state funding to the municipality can be withheld until it complies with its reappraisal requirement.

The recent cooling of the real estate market should result in towns needing to reappraise less frequently. Only 12 new reappraisal orders are anticipated as a result of the latest study. The last study resulted in 14 new orders. Around 40 new reappraisal orders were issued each of the 3 years prior to that.

Assistance to Municipalities

The Vermont Department of Taxes annually issues several payments to Vermont towns and cities. Payments totaled over $18.7 million in calendar year 2009.

In October of 2009 approximately $98,800 was distributed to assist towns in the acquisition of training for listers. Payment is based on the number of real estate parcels. The law provides that a municipality shall be paid $3.65 per grand list parcel for the first 100 parcels $0.20 for

4 Property Appraisal and Assessment Administration, page 601, Joseph K. Eckert, Ph.D., General Editor, IAAO

6

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