|
In spite of dire news about the economy in general, and the housing market in particular, home sales in Woodstock have remained relatively stable. There have been a few foreclosures, but nowhere near the national average. Sales prices have ranged from under $200,000 to over $1,300,000, with the average sales price of $570,450. The more important figure from the Lister's point of view is the sales-assessment (S/A) ratio, or how close the sales price is to assessed value. A home that sells for its assessed value has a S/A ratio of 100-or in other words, it was assessed at its fair market value. (Below 100% implies underassessment, over 100% implies over assessment.) Our S/A ratios for this past year range from .69 to 1.30 with an average of .94, which means that on average we are assessed 6% less than actual market value.
There are two main reasons this sales/assessment ratio is important. Most people, including the national media, look only at sale price versus asking price. This is not a valid evaluation of the market, other than to say that it is not a sellers' market. The sales/assessment ratio is the correct measure to use when looking at the validity of assessments throughout Woodstock. The other main reason the S/A ratio is important is that it is one year of the basis of our CLA (common level of appraisal)--a three year average of total sales divided by total assessment. The state rate for the education tax is factored by the CLA for each town in order to arrive at the "equalized tax rate" for that town. Our three year CLA has been established by the state as 93.25% adn our COD (coefficient of dispersal) is 9.94%. The COD measures equity across type of property. Anything below 10% is considered excellent.
This year our work included processing approximately 125 property transfers, 25 were valid residential sales, the others were transfers into trusts, transfers between family members or abutter sales. We also do ongoing routine maintenance on the working Grand List such as address changes, transfers, any changes to properties, etc. Our work monitoring Woodstock's Current Use Progam continues with enrollment remaining stable with over 15,000 acres enrolled for an exempt value of $68,656,000.
We also continue to track all new construction, additions and outbuildings that have been permitted, so that property cards accurately reflect fair market value. This can involve several visits at various stages of construction to measure, record and photograph properties. Applications for new construction permits have continued to come in although they have significantly slowed as the year has progressed.
Another time consuming part of our work is recording and tracking HS 122--Homestead Declarations, a part of the Vermont Income Tax Form. This filing determines whether property taxes are billed as a resident or non-resident. We receive weekly downloads from the tax department, through the Property division. Our office then spends many hours checking this information and making sure the information is correct in the Grand List, to the best of our knowledge before tax bills are sent out.
In an effort to help Listers do the best job possible, the state forwards restricted monies to the town for us to attend classes that are offered by Property Valuation and Review or the IAAO (International Association of Assessing Officers). Over this past year, we have attended courses about Assessment Ratios, developing a land schedule, data collection, construction processes and about our computer assessment programs.
Margaret Brady joined the Board in July. She has done a terrific job reorganizing our files and purgining outdated information, as well as learning the job, answering property owners' questions and assisting in data collection and with site visits.
Woodstock Listers are elected by and work for you, the taxpayer. At the same time we are required by statute to work within the guidelines of constantly changing and increasingly complex Vermont legislation and mandates. Our office hours in the Town Hall are 8 a.m. to noon, Monday through Friday. Please feel free to call (457-3607) or visit us with any questions you may have.
Respectfully submitted,
Paul Wildasin
Carol Wood
Margaret Brady
|
