February 7, 2011
Fellow Homeowners,
The Board of Directors of the Smugglers Notch Homeowners’ Association has undertaken a project to research current tax assessments as they relate to actual market values of full-owner homes in the resort. We have contacted an experienced real estate attorney who has been successful in filing appeals in several other ski resorts in Vermont; and he agreed to review the sales data and tax assessments of full-owner homes in the resort.
His initial review indicates that there are several groups of homes with data which he believes would support a successful appeal to the Town and subsequent adjustment to their assessed value. On the other hand, there are several homes for which sales prices have exceeded the Town’s assessed value and, therefore, would not qualify for a grievance (as the local appeal process is called). There are also some groups of homes for which there is no sales data available in recent years.
The SNHA Board invites all owners who are members of SNHA in good standing to join together and be represented by our designated attorney on a contingency fee basis. A formal agreement will be forthcoming. Appraisals will need to be performed on sample homes within each building Regime in order to determine if there is at least a 10% spread between fair market value and the Town assessed value. Also, 50% of the owners in each building project must agree to sign on. We are in the process of securing several appraisers who would be willing to do these appraisals at a reduced group rate.
Before we can go any further with this project, the board needs to hear from you and whether you are interested in pursuing this action. We must be able to begin the process with the Town officials by mid-March, so your timely response is necessary. We are asking Regime Directors to contact their fellow owners to discuss whether or not their respective owners want to pursue a formal appeal. We invite those of you who are not represented by an organized Regime to indicate your willingness to participate in the appeal by responding to this letter either via email or return USPS.
As soon as we have more information regarding cost and timing, we will pass it along immediately. Because this is a time sensitive issue, your prompt response indicating your interest is essential.
I hope to hear from you soon.
Barbara McGee, C 28
SNHA Director
Chair of the Real Estate Tax Review Committee
Please reply to:
Joe Ingram
joe@snha.net
