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BILL AS INTRODUCED 2007-2008

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H.825

Introduced by Representatives McFaun of Barre Town, Koch of Barre Town and McDonald of Berlin

Referred to Committee on

Date:

Subject:  Taxation; education property tax; common level of appraisal; limitation for reappraisal towns

Statement of purpose:  This bill proposes to allow a freeze of the common level of appraisal for any town which is in the process of townwide reappraisal.

AN ACT RELATING TO COMMON LEVEL OF APPRAISAL CAP DURING 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)(1)  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. 

(2)  At the request of a municipality, its common level of appraisal may be held constant during a reappraisal if the director certifies that the municipality has commenced a townwide reappraisal.  Upon the director’s certification, the common level of appraisal for that municipality shall be adjusted to its common level of appraisal as of January 1 in the calendar year in which the reappraisal commences, and shall remain at that level until the reappraisal is completed; and if the reappraisal is not completed within two years of the director’s certification, the common level of appraisal for the two years following that deadline shall each be adjusted by one-half of the total adjustment made by the director during the two-year reappraisal period.



Published by:

The Vermont General Assembly
115 State Street
Montpelier, Vermont


www.leg.state.vt.us