|BILL AS INTRODUCED||2007-2008|
Introduced by Senator Snelling of Chittenden District (By Request)
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.
The Vermont General Assembly
115 State Street