|BILL AS INTRODUCED||2007-2008|
Introduced by Representatives Jerman of Essex, Hunt of Essex, Evans of Essex, Heath of Westford and Myers of Essex
Subject: Taxation; education property tax; common level of appraisal; townwide reappraisal
Statement of purpose: This bill would set a minimum 100 percent common level of appraisal after a townwide reappraisal.
AN ACT RELATING TO 100 PERCENT COMMON LEVEL OF APPRAISAL AFTER TOWNWIDE REAPPRAISAL
It is hereby enacted by the General Assembly of the State of Vermont:
Sec. 1. 32 V.S.A. § 5406(c) is amended to read:
(c) If the director of property valuation and review certifies that a municipality has completed a townwide reappraisal, the common level of appraisal for that municipality shall be equal to its new grand list value divided by its most recent equalized grand list value, for purposes of determining education property tax rates; but in the case of a townwide reappraisal which adjusts the value of only one year's grand list, the common level of appraisal under this subsection shall be no less than 100 percent.
Sec. 2. EFFECTIVE DATE AND TRANSITION RULE
This act shall take effect retroactively as of January 1, 2007, and any resulting reduction in the municipality's fiscal-year 2008 education tax liability to the education fund shall be reimbursed as a credit on the municipality's fiscal-year 2009 education tax liability to the education fund.
The Vermont General Assembly
115 State Street