The Town of Colchester conducts periodic reappraisals to estimate the fair market value of all properties. "Fair market value" is the price the property would sell for on the open market. The Town's assessment reflects the fair market value for the year the property was assessed.
The State of Vermont has produced 2 publications (both recently updated) that can help a taxpayer evaluate their assessment and better understand whether it is fair and equitable. Links to these 2 free publications appear below. Printed copies may also be ordered from theVermont Secretary of State or picked up at the Colchester Town Offices.