Stowe's Assessed Property Value Doubles Following Town Reassessment

Stowe, Vermont — The town of Stowe’s taxable real estate value has finally caught up with the times.

The Stowe Reporter shared last week that a two-year townwide property reassessment valued taxable real estate in the town at $5.5 billion. This gives Stowe one of the biggest property valuations of any town in the state. An update was needed, as local real estate agents have been seeing rapid changes in purchase prices since 2019. In recent years, many homes have sold at two or three times the property value, so this new assessment will give Stowe real estate agents a more accurate guide point.

McKee Macdonald, who’s a Stowe resident, real estate broker and owner of the Smith Macdonald Group, explained why this wasn’t a surprise to him:

“For decades and decades, there was always a feeling that there was actually an undervaluation of the Stowe real estate market compared to other ski towns in western mountains or those with access to more urban markets. When you look at what Stowe offers, from a skiing standpoint and year-round recreation and a community arts center, and just the vibrancy that you have, it’s very hard to replicate that on the East Coast…
We were making these arguments to the town that, hey, we’ve been trying to move this house for one, two, sometimes three to four years with no luck. Now, we’re on the flip side of it.”

However, this assessment process wasn’t perfect. The Town Appraiser and listers couldn’t get inside every home and had to rely on research in these instances. Price assessments for homes also vary. Ultimately, local agents will use their knowledge to produce the listing price, although this assessment will be a helpful resource.

Zillow currently lists 75 homes/condos for sale in Stowe. The most expensive property is 506 North Hill Road, which is priced at $12.5 million. Its listing price was recently reduced by $3.5 million.