|BILL AS INTRODUCED||2007-2008|
Introduced by Representatives Atkins of Winooski and Bissonnette of Winooski
Subject: Taxation; property tax; common level of appraisal; tax increment financing
Statement of purpose: This bill proposes that the value of property in a TIF district shall not be taken into account in determining the town’s common level of appraisal.
AN ACT RELATING TO EXCLUDING TIF DISTRICT PROPERTY FROM THE COMMON LEVEL OF APPRAISAL CALCULATION
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. If the municipality includes a tax increment financing district, then the grand list values in the common level of appraisal calculation shall exclude the value of all property in that tax increment financing district.
Sec. 2. EFFECTIVE DATE
This act shall apply retroactively as of January 1, 2007; and any reduction in the education property tax liability of the municipality shall not affect property tax bills issued in 2007, but instead shall be issued to the municipality as an education fund credit in fiscal year 2009.
The Vermont General Assembly
115 State Street