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Introduced by   Representatives Smith of New Haven, Bartlett of Dover and Dunsmore of Georgia

Referred to Committee on


Subject:  Taxation; property tax; appraisal value; use value program

Statement of purpose:  This bill proposes to appraise all real estate at its present value as it is, where it is.


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 its present value, used as it is, where it is, 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.

Sec. 2.  REPEAL

Inasmuch as Sec. 1 of this act eliminates the need for the use value program for agricultural and forest lands, chapter 124 of Title 32 (use value program for agricultural and forest lands) is repealed effective March 31, 2005.  All liens arising out of chapter 124 or its predecessor programs shall be released.

Published by:

The Vermont General Assembly
115 State Street
Montpelier, Vermont