Town of Putney, VT

What is a Complete Reappraisal?

The Town has hired KRT Appraisal (KRT) to perform a complete reappraisal. According to Vermont’s Division of Property Valuation and Review (PVR), “Complete Reappraisal” is a reassessment of all Town properties including interior property inspections, development of new land and building pricing schedules and new adjustments and factors so that the new assessments reflect 100% of market value as of April 1, 2024.

Stages of a Complete Reappraisal

In order to ensure the final assessments reflect 100% of market value, KRT will complete the following five phases: (1) Data Collection, (2) Sales Validation, (3) Market Analysis/Valuation, (4) Field Review, and (5) Informal Hearings. During these phases, many tasks will be completed to ensure the Reappraisal is successful. Below is a general outline and explanation of each phase of the project.

PHASE 1: DATA COLLECTION: The first phase, Data Collection of all property, will begin in November of 2023. During this phase "Data Collectors" go to each property in the Town to measure the exterior of each building and attempt to inspect the interior if the owner is available at the time of the visit. These Data Collectors note the buildings’ location, size, age, quality of construction, improvements, topography, utilities, and numerous other characteristics both inside and out. They may also ask the homeowner a few questions regarding the property. To confirm that a home was inspected, the homeowner is asked to sign a data collection form. The data collected is subject to verification by the Listers and a KRT Supervisor. KRT Field Representatives will carry Picture IDs, Municipal Letters of Introduction, and have their vehicles listed with both with Town Officials and local Police Department.

Prior to starting the data collection, a postcard will be mailed to each property as notification that the property will be visited in the next few weeks. Data Collectors will show up shortly after the postcard is mailed and ring the bell or knock on the door. If someone is home, they will explain who they are and ask for an interior and exterior inspection.

If no one is home, they will measure the outside of any improvements and a letter will be mailed out towards the end of the project (February or March 2024) asking for a phone call to schedule an appointment for an interior inspection. The visit from KRT shouldn’t take more than 15 minutes from start to finish. Properties posted “No Trespassing” will receive a letter asking for permission to visit the property at a scheduled time convenient for everyone.

PHASE 2: SALES VALIDATION: During this phase, KRT appraisers will field review each property that sold between April 1, 2022, and March 31, 2024, and review the information on the property record card for data accuracy. The appraiser will make notes regarding the property location, size, condition, quality of construction, and numerous other characteristics that may affect value. The goal is to gain a clear understanding of what sold and for what price. In conjunction with the Lister’s Office, KRT will begin the process of qualifying sales as “arm’s length”. Only sales with market exposure between a willing buyer and willing seller (in other words, an “arm’s length” sale) will be used in the analysis.

PHASE 3: MARKET ANALYSIS/VALUATION: A variety of resources are used to analyze the real estate market. KRT will be analyzing property sales that occurred between April 1, 2022, and March 31, 2024, to determine which market factors influenced property values. KRT will gather and use information from Vermont Multiple Listing Service (MLS), property managers, local developers and local real estate professionals. Once all the data is collected and reviewed for accuracy, the appraiser will determine land values and delineate neighborhoods, which rate the desirability of locations throughout the Town as determined by actual market activity.

Valuation is done using one of the three recognized appraisal methods: Cost Approach, Income Approach and Sales Comparable Approach. Mass appraisal uses a market adjusted cost approach to generate assessments.

During this phase, individual characteristics of the buildings are analyzed using information gathered in both phases 1 and 2. Each property is compared to other comparable properties with similar characteristics. Then the market values of the improvements are added to the land value that was previously determined. This value is the final estimate for each parcel of property, building and land.

PHASE 4: FIELD REVIEW: Field Review is the method of checking and re-checking both the values that have been determined and the accuracy of the data used. During this phase, properties are viewed in the field by experienced appraisers to ensure that the appraisal methodology established from the sale properties is consistently applied to the entire population of properties within the Town.

PHASE 5: INFORMAL MEETINGS/GRIEVANCE HEARINGS: Once the Field Review is completed and the preliminary values are approved by the Lister’s Office, a notice stating the proposed value will be mailed to each property owner. At that time anyone with questions concerning the reappraisal process or the value established for their property will have an opportunity to meet with a member of KRT’s staff. Once the informal meetings are finished, property owners may file for a grievance hearing with KRT. These hearings will take place between June 19th, 2024 and July 2, 2024. KRT will print and mail grievance decision letters no later than July 9th, 2024.

After all five phases are completed, all data, files, records, etc. used in the reappraisal will be turned over to the Lister’s Office for retention.