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H.741

AN ACT RELATING TO STATE COLLEGE PROPERTY TAX EXEMPTION AND PAYMENT IN LIEU OF TAXES

It is hereby enacted by the General Assembly of the State of Vermont:

Sec. 1.  32 V.S.A. § 3701(1)(A) is amended to read:

(1)  “State-owned property” means:

(A)  state-owned buildings, including buildings of the Vermont state colleges and which are tax-exempt under section 2178 of Title 16; buildings of the University of Vermont and State Agricultural College used for educational and not commercial purposes; and buildings of the agency of transportation and the department of the military; but excluding the value of land on which the buildings are located, and excluding all highways and bridges and any land pertaining thereto; and

Sec. 2.  16 V.S.A. § 2178 is amended to read:

§ 2178.  TAX EXEMPTION

All real and personal property owned by the corporation and used for educational and not commercial purposes shall be exempt from taxation.

Sec. 3.  EFFECTIVE DATES

     Sec. 1 of this act (payments in lieu of taxes for tax-exempt State College buildings) shall take effect July 1, 2006; and Sec. 2 of this act (limitation on State College property tax exemption to property used for educational and not commercial purposes) shall apply to grand lists of April 1, 2011 and after.



Published by:

The Vermont General Assembly
115 State Street
Montpelier, Vermont


www.leg.state.vt.us