Introduced by Representatives Rusten of Halifax, Fallar of Tinmouth, Hube of Londonderry and Komline of Dorset
Subject: Taxation; education finance; common level of appraisal
Statement of purpose: This bill proposes to reduce the impact of rapid real estate value increases by limiting the amount by which a common level of appraisal (CLA) may drop in any one year. A town would be eligible for CLA protection only if its actual CLA for that year would otherwise drop by more than the median statewide CLA drop. This CLA protection would be available in any year in which there is excess education fund revenue. Twenty-five percent of that excess revenue would be used to create a uniform limit on the drop in CLAs for eligible towns. Each year, a town’s CLA would be reset to its actual CLA before applying the limit.
AN ACT RELATING TO COMMON LEVELS OF APPRAISAL
It is hereby enacted by the General Assembly of the State of Vermont:
(TEXT OMITTED IN SHORT-FORM BILLS)
The Vermont General Assembly
115 State Street