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Blog :: 11-2014

Attention Burlington Multi-Family Landlords: City Plans Tax Reappraisal

 

Attention Burlington Multi-Family Landlords: City Plans Tax Reappraisal

Burlington's Office of the Assessor, in a memo to Burlington landlords dated November 24, announced a planned reassessment of 4+ unit buildings in the City's Downtown and Hill-section neighborhoods. The letter, citing the gulf between level of appraisal (LOA) and market value, indicates that the city will undertake the reappraisal over the next four months. Burlington Assessor John Vickery notes in the memo that the most recent City-wide assessment occurred in 2005 effective for fiscal year 2006.

Vickery continues; "Comparisons of 2013 sales to the appraised values set in 2005 indicate a LOA of 88% of market value. However, 4+ unit apartment properties located in the Downtown and Hill Section neighborhoods are coming in at a LOA of 74% of market value."

The bad news is that this reassessment will likely result in increased taxes for Burlington landlords. The good news is that this confirms what we've known for a long time: Multi-Family property values are increasing. 

How will this assessment effect your Real Estate investments in 2015 and beyond?

As always, please reach out to the Lipvt.com team with all of your real estate questions

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    Champlain Housing Trust Gets DRB Approval for Old North End Development

    Burlington’s Development Review Board (DRB) gave final zoning approval to a proposal by Champlain Housing Trust (CHT) for a new 42-unit development in the city’s Old North End, Burlington Free Press staff writer April Burbank reported on October 29th.

    The unanimous vote was cheered by CHT’s director of real estate development Amy Demetrowitz, “I think it’ll just really improve the aesthetics of the neighborhood, and it’ll bring just some really critical needed affordable housing to Burlington.”

    According to the Free Press article, “The project represents a significant redevelopment of the area between Bright Street and Archibald Street by adding a three-story apartment building, two duplexes, a building with three units and a total of 44 parking spaces….The project will be organized as a co-op with one-to four-bedroom units…”

    The project will involve the demolition of three existing buildings on Bright and Archibald Streets. CHT expects to begin construction in May of 2015.

    http://www.burlingtonfreepress.com/story/news/local/2014/10/28/housing-co-op-approved-old-north-end/18073937/

    http://www.getahome.org/news/bright-street-co-op

    Looks like more big and exciting changes to Burlington’s Old North End, (O.N.E.). As always feel free to reach out to Lipvt.com with any questions or comments!

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