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H.302

Introduced by   Representatives Hube of Londonderry, Bartlett of Dover, Chen of Mendon, Houston of Ferrisburgh, Komline of Dorset and Livingston of Manchester

Referred to Committee on

Date:

Subject:  Taxation; property tax; appraisal value; replacement value

Statement of purpose:  This bill proposes to base property tax appraisals on replacement value rather than sale value.

AN ACT RELATING TO PROPERTY TAX APPRAISALS AT REPLACEMENT VALUE

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

Sec. 1.  32 V.S.A. § 3481(1) is amended to read:

(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:

(A)  For buildings, the replacement cost minus depreciation, based on valuation and depreciation tables designated by the director of property valuation and review.  Such tables shall be subject to approval by the legislative committee on administrative rules of the general assembly.

(B)  For land, a uniform per acre value determined by the director of property valuation and review, subject to approval by the legislative committee on administrative rules of the general assembly, allowing for broad classification of land values by use, such as residential, recreational, developable, forest, agricultural, commercial, and industrial uses.



Published by:

The Vermont General Assembly
115 State Street
Montpelier, Vermont


www.leg.state.vt.us