Vermont Statutes Title 32 Sec. 5400
Terms Used In Vermont Statutes Title 32 Sec. 5400
- Homestead: means the principal dwelling and parcel of land surrounding the dwelling, owned and occupied by a resident individual as the individual's domicile or owned and fully leased on April 1, provided the property is not leased for more than 182 days out of the calendar year or, for purposes of the renter credit under subsection 6066(b) of this title, is rented and occupied by a resident individual as the individual's domicile. See
- Personal property: All property that is not real property.
- State: when applied to the different parts of the United States may apply to the District of Columbia and any territory and the Commonwealth of Puerto Rico. See
§ 5400. Statutory purposes
(a) The statutory purpose of the exemption for whey processing fixtures in subdivision 5401(10)(G) of this title is to support industries using whey processing facilities to convert waste into value-added products.
(b) [Repealed.]
(c) The statutory purpose of the exemption for qualified housing in subdivision 5404a(a)(6) of this title is to ensure that taxes on this rent- restricted housing provided to Vermonters of low and moderate income are more equivalent to property taxed using the State homestead rate and to adjust the costs of investment in rent-restricted housing to reflect more accurately the revenue potential of such property.
(d) The statutory purpose of the tax increment financing districts in subsection 5404a(f) of this title is to allow communities to encourage investment and improvements that would not otherwise occur and to use locally the additional property tax revenue attributable to those investments to pay off the debt incurred to construct the improvements.
(e) The statutory purpose of the Vermont Economic Progress Council approved stabilization agreements in section 5404a of this title is to provide exemptions on a case-by-case basis in conjunction with other economic development efforts in order to facilitate economic development that would not otherwise occur.
(f) [Repealed.]
(g) The statutory purpose of the wind-powered electric generating facilities alternative tax scheme in subdivision 5401(10)(J)(i) of this title is to provide an alternative to the traditional valuation method in order to achieve consistent valuation across municipalities.
(h) The statutory purpose of the renewable energy plant generating electricity from solar power alternative tax structure in subdivision 5401(10)(J)(ii) is to provide an alternative to the traditional valuation method in order to achieve consistent valuation across municipalities.
(i) The statutory purpose of subdivision 5401(10)(D) of this title is to support Vermont’s ski industry and to encourage personal property investments and improvements at ski resorts. (Added 2013, No. 200 (Adj. Sess.), § 16; amended 2017, No. 73, § 10, eff. June 13, 2017; 2021, No. 105 (Adj. Sess.), § 527, eff. July 1, 2022.)