Introduced by Representatives Milkey of Brattleboro, Angell of Randolph, Baker of Randolph, Bohi of Hartford, Bristol of Brattleboro, Costello of Brattleboro, Deen of Westminster, Emmons of Springfield, Moore of Rutland City and Sinnott of Bennington
Referred to Committee on
Subject: Taxation; property tax; assessment of mobile homes
Statement of purpose: This bill proposes to make more equitable the property tax assessment of mobile homes.
AN ACT RELATING TO MOBILE HOME TAX ASSESSMENT
It is hereby enacted by the General Assembly of the State of Vermont:
Sec. 1. 32 V.S.A. § 3481 is amended to read:
§ 3481. DEFINITIONS
The following definitions shall apply in this part and chapter 101 of this title, pertaining to the listing of property for taxation:
(1) "Appraisal value" shall mean, with respect to property enrolled in a use value appraisal program, the use value appraisal as defined in section 3752(12) of this title,multiplied by the common level of appraisal, and with respect to all other property, the estimated fair market value. The estimated fair market value of a property is the price which the property will bring in the market when offered for sale and purchased by another, taking into consideration all the elements of the availability of the property, its use both potential and prospective, any functional deficiencies, and all other elements such as age and condition which combine to give property a market value. Those elements shall include a consideration of a decrease in value due to a housing subsidy covenant as defined in section 610 of Title 27, or the effect of any state or local law or regulation affecting the use of land, including but not limited to chapter 151 of Title 10 or any land capability plan established in furtherance or implementation thereof, rules adopted by the state board of health and any local or regional zoning ordinances or development plans. The fair market value of a mobile home cooperative corporation and mobile home units of its members shall be determined under subdivision (3) of this section.
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(3) "Fair market value" in the case of a mobile home unit on land owned by a cooperative housing corporation under chapter 14 of Title 11, shall be determined as the fair market value of the mobile home without regard to the value of the lot site, whether calculated as a site value charge, a tie-in cost for the purchase of the home, or in any other manner. The real property owned by the cooperative corporation shall be assessed at its fair market value and one-half of that value entered on the grand list tothe shareholders per capita, and one-half to the shareholders pro rata, based on the fair market value of the mobile home unit plus site value. No value shall be entered on the grand list to the cooperative housing corporation.
Sec. 2. MOBILE HOME COOPERATIVE ASSESSMENT REVIEW
To provide a safety mechanism of affordability, the assessments of mobile homes on real property owned by a cooperative housing corporation under chapter 14 of Title 11 shall be reviewed by the listers of the municipalities in which the cooperatives are located, with assistance from the Department of Housing and Community Affairs, for the purpose of determining whether the federal Housing and Urban Development regulations adversely affect determination of fair market value of post-1976 or pre-1976 homes in the cooperative.