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BILL AS INTRODUCED 2007-2008

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S.228

Introduced by   Senator Snelling of Chittenden District (By Request)

Referred to Committee on

Date:

Subject:  Taxation; property tax; exemptions; limitation

Statement of purpose:  This bill proposes to limit property tax exemptions to a maximum of 50 percent of fair market value.

AN ACT RELATING TO PROPERTY TAX EXEMPTIONS LIMITED TO 50 PERCENT OF FAIR MARKET VALUE

It is hereby enacted by the General Assembly of the State of Vermont:

Sec. 1.  32 V.S.A. § 3801 is added to read:

§ 3801.  LIMITATION ON PROPERTY TAX EXEMPTIONS

     All property tax exemptions granted under this title shall be limited to a maximum exemption of 50 percent of the fair market value of the property.

Sec. 2.  32 V.S.A. § 5402(f) is added to read:

(f)  All property tax exemptions granted under this chapter shall be limited to a maximum exemption of 50 percent of the fair market value of the property.

Sec. 3.  EFFECTIVE DATE

This act shall apply to grand lists for April 1, 2008, and after.



Published by:

The Vermont General Assembly
115 State Street
Montpelier, Vermont


www.leg.state.vt.us