Belmont Selectboard: Belmont tax rate changes based on changing market

To The Daily Sun,

The town conducted a sales update for tax year 2022, our equalization ratio had dropped to 66.1% which means property values on the whole were 33.9% below market value; we had asked the voters to do this update in 2021 but the funds were not approved. The voters did recognize the need in 2022 and funds were approved; recognizing the disparity between assessments and market value was important and necessary. It is typical in an update or full revaluation that if value increases the tax rate will go down, we expect this to happen for your 2022 rate. Please request your tax card and review the data for accuracy, if you feel you could not sell your home for the new assessment, make an appointment to discuss with our assessors and if you are still dissatisfied, file an abatement application after you receive your fall tax bill, which is the first bill of the tax year. Your spring bill was a prepayment based on the prior year’s assessment and tax rate. We understand your anxiety and the value adjustments were substantial unfortunately the market has changed dramatically since our last revaluation. The town will only raise taxes to support the appropriations raised in March 2022 at the town and school meetings. We do not and cannot raise excess revenues from higher assessments.

Chair Ruth Mooney

Vice Chair Jon Pike

Claude Patten, Jr.

Belmont Selectboard