Local employers say a rise in pay for those at the bottom of the ladder is sure to increase salaries for those on the higher rungs.
That will be good news for many workers, they say, but could come at the cost of increased prices for goods and services.
Vermont’s minimum wage will rise on New Year’s Day 2015 and on each January 1 until 2018. The Vermont Legislature voted to increase it from the present level of $8.73 an hour to $10.50 in four annual jumps.
Newport’s Spates Block just sold for $2.85-million. Photo by Joseph Gresser
copyright the Chronicle January 8, 2014
by Joseph Gresser
NEWPORT — The $2.85-million sale of the Spates Block will change the face of downtown Newport. It will also require the city to revalue all property on its Grand List.
According to a memo from City Assessor Spencer Potter, the sale, along with the $1.1-million sale of the properties on which the new Maplefields gas station is to be built, will bring a call from the state for mandatory reappraisal.
City Manager John Ward urged the aldermen to act quickly on the matter at the city council’s meeting Monday night. They heeded his advice and unanimously agreed to proceed with a full reappraisal of Newport.
Mr. Ward said it is quite possible that new sales will drop the city’s Common Level of Appraisal (CLA) enough that the state will raise education tax rates to compensate. The CLA is a measure the state uses to ensure fairness in the statewide tax by making sure appraisals in all towns generally match the results of actual sales.