Town of Vernon Releases 2021 Grand List
Mill Rate will Decrease when Annual Town Budget is Approved
Vernon’s 2021 Grand List increased 19.7 percent as a result of revaluation and market-driven increases in motor vehicle and real estate values. The mill rate required to fund the 2022-2023 municipal budget has not yet been determined, but will decrease when the annual town budget is approved.
Mayor Daniel Champagne and town administration are developing a budget proposal which will be submitted to the Town Council and, ultimately, taxpayers for review and approval. The final mill rate will be calculated upon review of the proposed operating expense and revenue budgets, which is scheduled to begin on March 19th, 2022 and continue through the Annual Town Meeting, scheduled for Tuesday, April 26th, 2022. Once the budget process is complete, the mill rate will decrease, Mayor Champagne said.
Town Administrator Michael Purcaro said he, Mayor Champagne and Finance Director Jeff O’Neill have been analyzing and adjusting department budget proposals.
“We are committed to providing the services taxpayers expect in the most efficient and cost-effective ways possible,” Purcaro said. “Utilizing zero-based budgeting, we start from scratch ever year. We require department heads to justify every tax dollar they want to spend and we demand the best value for Vernon residents.”
In setting the mill rate, current needs are balanced with an ever watchful eye on the future to ensure Vernon remains a vibrant and sustainable community. This strategy provides stability and limits major fluctuations in the mill rate from year-to-year.
Proposals are now under discussion at the State Capitol to cap the mill rate for motor vehicle taxes. “If any measure passes, it will be included in the final Fiscal Year 2023 budget proposal,” O’Neill said.
The Grand List increase was driven in part by motor vehicle assessments which were up by 27.3 percent. Supply constraints and high demand for used cars drove substantial increases in the value of used motor vehicles.
Similarly, real estate values have experienced considerable growth because of high demand and limited supply, resulting in an increase of 19.5 percent. Personal property values increased 5 percent.
The total grand list grew by $367.63 million to $2.23 billion. The real estate portion of the grand list increased by $308.53 million to $1.88 billion. Motor vehicle values increased $54.5 million to $253.9 million. Personal Property increased $4.6 million to $96.95 million.
The market-driven increases in values Vernon has experienced are consistent with what has been reported in cities and towns across the state.
Please see the attached informational brochure about the 2021 Grand List.