Introduced by Representatives Masland of Thetford and Seibert of Norwich
Subject: Taxation; property tax; abatement
Statement of purpose: This bill proposes to allow a board of abatement to require repayment of abated taxes if the taxpayer sells the property within two years of the date of abatement.
AN ACT RELATING TO RECAPTURE OF ABATED TAXES
It is hereby enacted by the General Assembly of the State of Vermont:
Sec. 1. 24 V.S.A. § 1535(e) is added to read:
§ 1535. Abatement
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(e) The board may, in the case of abatement under subdivision (a)(3) of this section, impose a repayment penalty of the entire amount abated if the property is transferred within one year of the date of abatement and a repayment penalty of one-half the amount abated if the property is transferred after one year but within two years of the date of abatement. If the board imposes a repayment penalty, commencing with the date of the filing of notice of the penalty by the board with the town clerk, the penalty amount shall be a first lien in the amount of the penalty, in the same manner as a tax lien under chapter 133 of Title 32, and the lien shall expire two years and one day after the date of the abatement.
The Vermont General Assembly
115 State Street