Introduced by Representatives Nitka of Ludlow, Chen of Mendon, Clark of Vergennes, Clarkson of Woodstock, Errecart of Shelburne, Houston of Ferrisburgh, Howrigan of Fairfield, Hube of Londonderry, Johnson of South Hero, Kennedy of Chelsea, Komline of Dorset, Marron of Stowe, Morrissey of Bennington, O'Donnell of Vernon, Perry of Richford, Pugh of S. Burlington, Reese of Pomfret, Shand of Weathersfield, Sunderland of Rutland Town and Trombley of Grand Isle
Subject: Taxation; property tax; common level of appraisal; annual cap
Statement of purpose: This bill proposes to cap the change in common level of appraisal to 3.5 percent per year.
AN ACT RELATING TO A COMMON LEVEL OF APPRAISAL 3.5 PERCENT CAP
It is hereby enacted by the General Assembly of the State of Vermont:
Sec. 1. 32 V.S.A. § 5405(a) is amended to read:
(a) Annually, on or before April 1, the commissioner shall determine the equalized education property tax grand list and coefficient of dispersion for each municipality in the state, but in no case shall the common level of appraisal used to determine the equalized education property tax grand list for any town be more than 3.5 percentage points below that town’s prior-year common level of appraisal.
The Vermont General Assembly
115 State Street