Vermont Statutes Title 32 Sec. 5405
Terms Used In Vermont Statutes Title 32 Sec. 5405
- Appraisal: A determination of property value.
- Commissioner: means the Commissioner of Taxes. See
- Common level of appraisal: means the ratio of the aggregate value of local education property tax grand list to the aggregate value of the equalized education property tax grand list. See
- Director: means the Director of Property Valuation and Review. See
- Education property tax grand list: means the list of property determined pursuant to section 5404 of this title. See
- Equalized education property tax grand list: means one percent of the aggregate fair market value of all nonhomestead and homestead property that is required to be listed at fair market value as certified during that year by the Director of Property Valuation and Review under section 5406 of this title, plus one percent of the aggregate value of property required to be listed at a value established under a stabilization agreement described under section 5404a of this title, plus one percent of the aggregate use value established under chapter 124 of this title of all nonhomestead property that is enrolled in the use value appraisal program. See
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- 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
- Municipality: means a city, town, unorganized town, village, grant, or gore; or, in the case of property located within the territorial limits of an incorporated school district, "municipality" means an incorporated school district. See
- 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
§ 5405. Determination of equalized education property tax grand list and coefficient of dispersion
(a) Annually, on or before April 1, the Commissioner shall determine the equalized education property tax grand list and coefficient of dispersion for each municipality in the State; provided, however, that for purposes of equalizing grand lists pursuant to this section, the equalized education property tax grand list of a municipality that establishes a tax increment financing district shall include the fair market value of the property in the district and not the original taxable value of the property, and further provided that the unified towns and gores of Essex County may be treated as one municipality for the purpose of determining an equalized education property grand list and a coefficient of dispersion, if the Director determines that all such entities have a uniform appraisal schedule and uniform appraisal practices.
(b) The sum of all municipal equalized education property tax grand lists shall be the equalized education property tax grand list for the State.
(c) In determining the fair market value of property that is required to be listed at fair market value, the Commissioner shall take into consideration those factors required by section 3481 of this title. The Commissioner shall value property as of April 1 preceding the determination and shall take account of all homestead declaration information available before October 1 each year.
(d) Any determination of fair market value made by the Commissioner under this section shall be based upon such methods as, in the judgment of the Commissioner and in view of the resources available for that purpose, shall be appropriate to support that determination. If the common level of appraisal is calculated using the weighted mean of ratios, any outlier shall be carefully reviewed and deleted if it will significantly affect the weighted mean, particularly if the outlier is a high-value property.
(e) Individual appraisals performed by the Division of Property Valuation and Review may be used to supplement actual sales when necessary to obtain a representative sample.
(f) Within the limits of the resources available for that purpose, the Commissioner may employ such individuals, whether on a permanent, temporary, or contractual basis, as shall be necessary, in the judgment of the Commissioner, to aid in the performance of duties under this section. The Commissioner shall pay each municipality the sum of $1.00 per grand list parcel in the municipality for services provided to the Commissioner in connection with the performance of duties under this section. Each municipality shall deposit payments received under this subsection into a special fund that shall be used to support the preparation of the education property tax grand list.
(g) The Commissioner shall provide to municipalities for the front of property tax bills the district homestead property tax rate before equalization, the nonresidential tax rate before equalization, and the calculation process that creates the equalized homestead and nonhomestead tax rates. The Commissioner shall further provide to municipalities for the back of property tax bills an explanation of the common level of appraisal, including its origin and purpose. (Added 1997, No. 60, § 45, eff. Jan. 1, 1998; amended 1999, No. 49, §§ 19, 49, eff. June 2, 1999; 2003, No. 68, §§ 41, 85, eff. June 18, 2003; 2003 No. 68, § 85, eff. for fiscal year 2005; 2003, No. 76 (Adj. Sess.), § 1, eff. Feb. 17, 2004; 2003, No. 76 (Adj. Sess.), § 28, eff. Jan. 1, 2004; 2009, No. 160 (Adj. Sess.), § 14, eff. June 4, 2010; 2013, No. 73, § 39, eff. June 5, 2013; 2019, No. 51, § 27; 2019, No. 175 (Adj. Sess.), § 3, eff. Oct. 8, 2020; 2021, No. 20, § 268.)