Introduced by Representatives Nitka of Ludlow, Chen of Mendon, Clark of Vergennes, Hube of Londonderry, Johnson of South Hero, Komline of Dorset, Livingston of Manchester, McLaughlin of Royalton and Shand of Weathersfield
Subject: Taxation; education property tax; common level of appraisal
Statement of purpose: This bill proposes to drop the highest ten percent of residential sales when calculating the common level of appraisal for each town.
AN ACT RELATING TO ELIMINATION OF HIGHEST SALE PRICES IN COMMON LEVEL OF APPRAISAL CALCULATION FOR RESIDENTIAL PROPERTIES
It is hereby enacted by the General Assembly of the State of Vermont:
Sec. 1. 32 V.S.A. § 5401(3) is amended to read:
(3) "Common level of appraisal" means the ratio of the aggregate value of local education property tax grand list to the aggregate value of the equalized education property tax grand list. In making the calculation, the highest ten percent of sale prices for residential properties shall be excluded.
The Vermont General Assembly
115 State Street