The Vermont Statutes Online

Title 32: Taxation and Finance

Chapter 121: General Provisions

• Subchapter 001: Duties of Director

• § 3401. Powers and duties of Director

  The Director may examine any inventory in the hands of listers, shall from time to time confer and advise with them touching their official duties, shall furnish them printed instructions and directions relating to their official duties, and shall issue any bulletins as in the Director’s judgment will aid in enforcing the law. When a board of listers or members requests, the Director shall furnish any information as the Director shall deem pertinent. (Amended 1977, No. 105, § 14(a); 2021, No. 105 (Adj. Sess.), § 508, eff. July 1, 2022.)

• § 3402. Director to collect data

  The Director shall collect such data and information touching methods of taxation and exemption and the work of listers in the various towns as the Director shall deem advisable. (Amended 1977, No. 105, § 14(a); 2021, No. 105 (Adj. Sess.), § 509, eff. July 1, 2022.)

• § 3403. Repealed. 1995, No. 178 (Adj. Sess.), § 426, eff. May 22, 1996.

• § 3404. Repealed. 2023, No. 72, § 9, eff. June 19, 2023.

  (Added 1995, No. 186 (Adj. Sess.), § 1, eff. May 22, 1996; amended 1997, No. 59, § 10, eff. June 30, 1997; 2023, No. 72, § 9, eff. June 19, 2023.)

• §§ 3405-3408. Repealed. 1975, No. 118, § 91, eff. July 1, 1975.

• § 3409. Repealed. 2015, No. 57, § 98, eff. June 11, 2015.

• § 3410. Repealed. 2023, No. 72, § 10, eff. June 19, 2023.

  (Added 1967, No. 146, § 4, eff. July 1, 1968; amended 1977, No. 105, § 14(a); 1987, No. 243 (Adj. Sess.), § 72, eff. June 13, 1988; 2023, No. 72, § 10, eff. June 19, 2023.)

• § 3411. Powers of the Division of Property Valuation and Review

  The Division of Property Valuation and Review shall through its Director:

  (1) employ such staff as is necessary, subject to the approval of the Commissioner of the Department of Taxes;

  (2) cooperate fully with the Commissioner in any matter in which he or she requires assistance in connection with his or her duties, including the valuation of property for any tax administered and collected by the Commissioner;

  (3) adopt rules under 3 V.S.A. chapter 25 to provide for the uniform administration of the property tax;

  (4) maintain any information obtained by the Director from any local official subject to the same rules as to public access and confidentiality as apply to such information in the possession of a local official, as contained in section 4009 of this title;

  (5) provide technical assistance and instruction to the listers in a uniform appraisal system and provide other related assistance within the limits of available resources;

  (6) prepare and provide to towns at a reasonable fee form books, other required forms and copies of relevant statutes in booklet form;

  (7) to the extent of available resources, prepare and provide tax maps for all municipalities not having the same;

  (8) from time to time, develop and recommend to the General Assembly improved methods for standardizing property assessment procedures and to administer the current use program in accordance with chapter 124 of this title;

  (9) annually publish the report described in section 3412 of this title;

  (10) assist municipalities in administration of property taxes, including the appraisal of classes of property difficult to appraise, such as industrial and utility properties; and

  (11) appraise property required by law to be appraised by the Director, including railroad property under chapter 211 of this title. (Added 1977, No. 105, § 12, eff. July 1, 1977; amended 1985, No. 74, § 299; 1987, No. 243 (Adj. Sess.), § 73, eff. June 13, 1988; 1999, No. 49, § 4, eff. June 2, 1999; 2021, No. 105 (Adj. Sess.), § 510, eff. July 1, 2022.)

• § 3412. Annual report

  Before January 15 of each year, the Director shall deliver to the Speaker of the House of Representatives and to the President Pro Tempore of the Senate copies of an annual report including in that report all rules issued in the preceding year. The report shall include the rate per dollar and the amount of all taxes assessed in each and all of the towns, gores, school and fire districts, and villages for and during the year ending with June 30 preceding, and the value of all exempt property on each grand list as required by subsection 4152(a) of this title. The report shall also include an analysis of the appraisal practices and methods employed through the State. The Director shall include recommendations for statutory changes as he or she feels necessary. Copies of the annual report shall be forwarded to the Chair of the Selectboard of each town. The presiding officer shall refer the report to the appropriate committees of the General Assembly for their review and recommendation. The provisions of 2 V.S.A. § 20(d) (expiration of required reports) shall not apply to the report to be made under this section. (Added 1977, No. 105, § 13; amended 1995, No. 178 (Adj. Sess.), § 427, eff. May 22, 1996; 1997, No. 50, § 10, eff. June 26, 1997; 2005, No. 38, § 21, eff. Jan. 1, 2007; 2013, No. 142 (Adj. Sess.), § 68.)

• Subchapter 001A: Regional Assessment Districts [Effective January 1, 2031]

• § 3415. Legislative intent [Effective January 1, 2031]

  It is the intent of the General Assembly in adopting this subchapter to create regional assessment districts so that:

  (1) properties on grand lists are regularly reappraised;

  (2) property data collection is consistent and standardized across the State; and

  (3) property valuation is conducted by trained and certified individuals and firms. (Added 2025, No. 170 (Adj. Sess.), § 30, eff. Jan. 1, 2031.)

• § 3416. Regional assessment districts; establishment [Effective January 1, 2031]

  (a) Member municipalities of a regional assessment district shall fully reappraise their grand lists every six years pursuant to subsection 3417(b) of this subchapter. Member municipalities may contract jointly with one or more third parties to conduct the reappraisals.

  (b) For the first full reappraisal conducted simultaneously by member municipalities as part of a regional assessment district, each municipality may, at its discretion, conduct a reappraisal jointly with one or more other member municipalities. For all subsequent simultaneous full reappraisals by member municipalities as part of a regional assessment district, as determined pursuant to subsection 3417(c) of this subchapter, a municipality shall conduct a reappraisal jointly with one or more other member municipalities. (Added 2025, No. 170 (Adj. Sess.), § 30, eff. Jan. 1, 2031.)

• § 3417. Standard guidelines; procedures; rulemaking [Effective January 1, 2031]

  (a) The Director of Property Valuation and Review shall establish standard guidelines and procedures, and may adopt rules, for regional assessment districts, including:

  (1) guidelines for contracting with third parties to conduct or assist with reappraisals, including standard reappraisal contract terms;

  (2) standards for the collection and recordation of parcel data;

  (3) requirements relating to information technology, including standards for data software contracts and computer-assisted mass appraisal systems; and

  (4) standardized practices for a full reappraisal, including cases in which physical inspections are unnecessary and how technology is to be utilized.

  (b) The Director of Property Valuation and Review shall establish a schedule for each regional assessment district to fully reappraise every six years. The Director, at the Director’s discretion, may alter the reappraisal schedule for a regional assessment district or for one or more of a regional assessment district’s member municipalities. If a municipality or a regional assessment district fails to reappraise on the schedule established by the Director under this subsection, the State may withhold funds from the municipality until the Director certifies that the municipality or regional assessment district has complied with this subsection.

  (c) The Director shall determine when the first simultaneous full reappraisal has been completed by the member municipalities of each regional assessment district. (Added 2025, No. 170 (Adj. Sess.), § 30, eff. Jan. 1, 2031.)

• § 3418. Regional Assessment District Appeals Board; establishment [Effective January 1, 2031]

  (a) There are hereby established regional assessment district appeals boards for each regional assessment district established pursuant to section 3416 of this subchapter. A board shall hear appeals of valuations within its regional assessment district. The Division of Property Valuation and Review shall provide training and technical assistance to the board. Other staffing and funding for a board shall be provided by its member municipalities.

  (b) All municipalities within the jurisdiction of a board shall be considered municipal members of the board. A board shall contain at least one representative appointed from each member municipality and representatives shall be appointed for a term of three years by the legislative body of such municipality. A municipality may appoint one board member per 1,000 parcels in the municipality, rounded up to the nearest 1,000 parcels. All board members may be compensated and reimbursed by their respective municipalities for necessary and reasonable expenses.

  (c) A board shall elect an executive board of five board members to facilitate meetings and oversee operations. The executive board shall have a chair, a vice chair, a secretary, and any other position deemed necessary by a majority vote of the executive board. (Added 2025, No. 170 (Adj. Sess.), § 30, eff. Jan. 1, 2031.)

• § 3419. Appeals to Regional Assessment District Appeals Board [Effective January 1, 2031]

  (a) Within 30 days following the date of notice, a person aggrieved by the final valuation decision of an assessing official may appeal in writing to the district’s regional assessment district appeals board. An appeal of a valuation decision conducted pursuant to section 3416 of this subchapter that is erroneously made to a municipality shall be considered timely if it would have been timely if made to the regional assessment district. A municipality shall forward any such erroneously filed appeal to the board within 14 days.

  (1) The board shall schedule meetings to hear and determine appeals made under this subsection not later than 30 days after the last date allowed for notice of appeal. Notice of the time and place of the hearing shall be given by posting a warning in three or more public places in each municipality in the district’s jurisdiction and by mailing a copy of such warning to the legislative bodies of such municipalities and to all appellants.

  (2) Hearings shall be conducted before a panel of three board members. When conducting a hearing under this subsection, the board shall issue a written determination addressing all questions and objections heard. A written determination shall only be issued if approved by a majority of those members present and voting. Unless waived by both parties, the property subject to appeal shall be inspected internally and externally by the three board panelists and an inspection report shall be issued within 30 days following the hearing on appeal and before a final determination is issued.

  (A) The appellant shall be provided notice of the inspection and the appeal shall be deemed withdrawn if the appellant refuses to allow an inspection under this subdivision (2).

  (B) During a declared state of emergency under 20 V.S.A. chapter 1, a board working within a municipality affected by an all-hazards event shall not be required to physically inspect any property that is the subject of an appeal. If the appellant requests in writing that the property be inspected for purposes of the appeal, the board shall conduct the inspection through electronic means. If the appellant does not facilitate the inspection through electronic means, the appeal shall be deemed withdrawn. As used in this subdivision (B), “electronic means” means the transmittal of video or photographic evidence by the appellant at the direction of the staff conducting the inspection.

  (3) The board shall, within 15 days following the time of the inspection report, issue the written determination and shall file it with the clerk of the municipality in which the underlying property is located. At the same time, the board shall send a copy of the determination by certified mail to the appellant. The grand list shall be amended pursuant to the written determination.

  (4) Notwithstanding any provision of law to the contrary, if the board does not substantially comply with the requirements of this subsection, and if the appeal is not withdrawn by filing written notice of withdrawal with the board, or deemed withdrawn as provided in subdivision (2) of this subsection, the grand list value of the property subject to appeal shall be set at a value that will produce a tax liability equal to the tax liability for the preceding year.

  (b) Not more than two board members shall be panelists for a hearing involving a property located in the municipality for which the members are representatives.

  (c) This section shall not be construed to prevent or alter the process for taxpayers to bring and resolve grievances to a municipal assessing official under section 4111 of this title.

  (d) Notwithstanding subsection (a) of this section, appeals of valuations conducted by the Division of Property Valuation and Review pursuant to sections 3602a, 3602b, 3602c, and 3621 of this title shall be made directly to the Commissioner or Superior Court pursuant to section 3420 of this subchapter. (Added 2025, No. 170 (Adj. Sess.), § 30, eff. Jan. 1, 2031.)

• § 3420. Appeals to Commissioner or to Superior Court [Effective January 1, 2031]

  (a) A taxpayer or the legislative body of a municipality aggrieved by a written determination of a regional assessment district appeals board under section 3419 of this chapter, or a taxpayer aggrieved by a valuation and bypassed a board decision under subsection 3419(d) of this subchapter, may appeal to either the Commissioner of Taxes or the Superior Court of the county in which the property is located. The appeal to the Superior Court shall be heard without a jury. For an appeal from the board, the appeal shall be commenced by filing a notice of appeal pursuant to Rule 74 of the Vermont Rules of Civil Procedure within 30 days after entry of the decision of the board. For an appeal that bypassed the board, the appeal may be commenced by filing a notice of appeal pursuant to Rule 74 of the Vermont Rules of Civil Procedure within 30 days following the date of notice of a final valuation decision of an assessing official. The date of mailing of notice of the board’s determination to the taxpayer shall be deemed the date of entry of the board’s determination. The board shall transmit a copy of the notice to the Commissioner or the Superior Court and shall forward the notice to the applicable municipal clerk, who shall record or attach a copy of the notice in the grand list book. The entry fee for an appeal to the Commissioner is $70.00; provided, however, that the Commissioner may waive, reduce, or refund the entry fee in cases of hardship or to join appeals regarding the same parcel. If, in the opinion of the Commissioner, an appeal under this subsection involves a complex or unique property or valuation that would be best adjudicated by the Superior Court, the Commissioner may decline to hear the appeal and shall forward the appeal to the Superior Court of the county in which the property is located, where it shall be heard. An appeal forwarded by the Commissioner under this subsection shall be considered timely filed in the Superior Court if it was timely appealed to the Commissioner.

  (b) On or before the last day on which appeals may be taken from the determination of the regional assessment district appeals board, an agent designated by the legislative body of the municipality, in the name of the municipality, on written application of one or more taxpayers of the municipality whose combined grand list represents at least three percent of the grand list of the municipality for the preceding year, shall appeal to the Superior Court from any action of the regional assessment district board of appeal not involving appeals of the applying taxpayers. However, the agent designated by the legislative body shall, in any event, have at least six business days after receipt of such taxpayers’ application for appeal in which to take the appeal, and the date for the taking of such appeal shall accordingly be extended, if necessary, until the six business days shall have elapsed. The $70.00 entry fee shall be paid by the applicants with respect to each individual property thus being appealed that is separately listed in the grand list. Fees collected under subsection (a) of this section or under this subsection shall be credited to a special fund established and managed pursuant to chapter 7, subchapter 5 of this title and shall be available to the Commissioner of Taxes to offset the costs of providing those services.

  (c) When a taxpayer, a legislative body of the municipality, or an agent designated by the legislative body of the municipality claims that an appeal to the Commissioner is in any manner defective or was not lawfully taken, on or before 30 days after mailing of the notice of receipt of the appeal by the Director, the taxpayer, agent, or legislative body of the municipality shall file objections in writing with the Commissioner and furnish the appellant or appellant’s attorney with a copy of the objections. When the taxpayer, agent, or legislative body so requests, the Commissioner shall thereupon fix a time and place for hearing the objections and shall notify all parties thereof, by mail or otherwise. Upon hearing or otherwise, the Commissioner shall pass upon the objections and make such order in relation thereto as is required by law. The order shall be recorded or attached in the municipal clerk’s office in the book wherein the appeal is recorded.

  (d) On application to the Commissioner, an appellant may request leave to withdraw the appellant’s appeal at any time before it is heard. When an appeal is withdrawn, the Commissioner shall certify the withdrawal to the clerk of the municipality in which the underlying property is located, and the clerk shall record the certificate of withdrawal of the appeal. At the same time, the Commissioner shall notify the applicable regional assessment district board of appeal. The appraisal from which the appeal was taken shall then become a part of the appraisal or grand list of the taxpayer.

  (e) When an appeal to the Commissioner is not withdrawn or forwarded by the Commissioner to the Superior Court pursuant to subsection (a) of this section, the Commissioner shall conduct a hearing in accordance with 3 V.S.A. chapter 25.

  (f) The Commissioner or court shall proceed de novo on all appeals and determine the correct valuation of the property as promptly as practicable and determine a homestead and a housesite value if a homestead has been declared with respect to the property for the year in which the appeal is taken. The Commissioner or court shall take into account the requirements of law as to valuation and the provisions of Chapter I, Article 9 of the Vermont Constitution and the 14th Amendment to the U.S. Constitution.

  (1) If the Commissioner or court finds that the listed value of the property subject to appeal does not correspond to the listed value of comparable properties within the municipality, the Commissioner or court shall set the property in the list at a corresponding value. The findings and determinations of the Commissioner shall be made in writing and shall be available to the appellant.

  (2) If the appeal is taken to the Commissioner, the Commissioner may order an inspection of the property prior to making a determination. If one of the parties requests an inspection, the Commissioner shall order an inspection of the property prior to making a determination. Within 10 days following the appeal being filed with the Commissioner, the Commissioner shall notify the property owner in writing of the Commissioner’s option to request an inspection under this section.

  (3) During a declared state of emergency under 20 V.S.A. chapter 1, the Commissioner shall not be required to have any property subject to appeal be physically inspected. If the appellant requests in writing that the property be inspected for purposes of the appeal, the Commissioner shall conduct the inspection through electronic means. If the appellant does not facilitate the inspection through electronic means, then the appeal shall be deemed withdrawn. As used in this subdivision, “electronic means” means the transmittal of video or photographic evidence by the appellant at the direction of the person conducting the inspection.

  (g) The Commissioner or clerk of the court shall forward by certified mail one copy of the determination to the taxpayer, one copy to the applicable regional assessment district board of appeal, and one copy to the town clerk, who shall record the same in the book in which the appeal was recorded under subsection (a) of this section. The appraisal so fixed by the Commissioner or court shall become the basis for the grand list of the taxpayer for the year in which the appeal is taken and, if the appraisal relates to real property, for the next two ensuing years, except that if the real property is enrolled in the use value appraisal program under chapter 124 of this title, the value of enrolled land, prior to its being equalized, shall be the per-acre value set annually by the Current Use Advisory Board multiplied by the number of acres enrolled. The appraisal, however, may be changed in the ensuing two years if the taxpayer’s property is materially altered, changed, or damaged or if the regional assessment district of the municipality in which the property is located has undergone a full reappraisal. (Added 2025, No. 170 (Adj. Sess.), § 30, eff. Jan. 1, 2031.)

• Subchapter 002: Duties of Listers

• § 3431. Lister’s oath

  (a) Each lister shall take and subscribe and file in the town clerk’s office, before entering upon the duties of his or her office, the following oath; and the oath as subscribed shall be recorded in the town clerk’s office:

  “I, _______ , do solemnly swear (or affirm) that I will appraise all the personal and real property subject to taxation in the town (or city) of ____________ , so far as required by law, at its fair market value, will list the same without discrimination on a proportionate basis of such value for the grand list of such town (or city), will set the same in the grand list of such town (or city) at one per cent of the listed value and will faithfully discharge all the duties imposed upon me by law. So help me God.” (or, “under the pains and penalties of perjury.”)

  (b) When the listers violate such oath, they shall each be guilty of perjury and punished accordingly.

• § 3432. Duties of listers

  Listers shall render such assistance, give such information, and make such returns to the Director in relation to the subject of taxation as he or she may require. (Amended 1977, No. 105, § 14(a).)

• § 3433. Duties upon taking up inventories

  A lister who takes up an inventory as provided by section 4041 of this title, at the time he or she receives the same, shall indorse thereon his or her name and the date of its receipt. When a lister accepts the inventory of a person not made out and sworn to as provided in this chapter, or willfully neglects or refuses to indorse thereon his or her name and the date of receipt thereof, or willfully neglects or refuses to appraise and set in the list, as required by law, each item described in an inventory filled out as provided in this chapter, he or she shall be fined not more than $100.00 for each inventory so received, and for each such willful refusal or neglect.

• § 3434. Meetings for instruction

  The Director shall call meetings of the listers to be held at such places and at such times as he or she shall designate for the purpose of instruction touching the requisites of a legal tax inventory, a valid grand list, the law governing their official duties, and concerning the appraisal and listing of the various classes of taxable property. (Amended 1977, No. 105, § 14(a).)

• § 3435. Listers to attend meetings for instructions

  Except as otherwise provided in this section, at least one lister, or more if the town so votes, shall attend all meetings or schools for instruction to which they are summoned in writing by the Director. When a lister is unable to attend, the lister shall immediately notify the Director, stating the cause of the lister’s inability to attend. In the Director’s discretion, the Director may summon the lister to attend another meeting as the Director shall designate. Listers who attend the meetings shall receive for their attendance from their respective towns the per diem voted for listers or $10.00 per day, whichever is the greater, and their necessary expenses. (Amended 1959, No. 16, eff. March 5, 1959; 1977, No. 105, § 14(a); 2021, No. 105 (Adj. Sess.), § 511, eff. July 1, 2022.)

• § 3436. Assessment education

  (a) The Director shall certify assessment education programs for municipal listers and assessors at convenient times and places during the year and is authorized to contract with one or more persons to provide part or all of the assessment instruction. Certified programs shall include education on racial disparities in property valuation outcomes in the United States, with a focus on Vermont in particular, and on-going bias reduction training. Certified programs may include instruction in lister duties, property inspection, data collection, valuation methods, mass appraisal techniques, property tax administration, or such other subjects as the Director deems beneficial to listers and both mandatory and optional certified programs may be presented by Property Valuation and Review or a person pursuant to a contract with Property Valuation and Review, the International Association of Assessing Officials, the Vermont Assessors and Listers Association, or the Vermont League of Cities and Towns.

  (b) The Director shall establish designations recognizing levels of achievement and the necessary course work or evaluation of equivalent experience required to attain each designation. Designation for any one level shall be for a period of three years.

  (c) Designation obtained under subsection (b) of this section may be renewed for three-year periods upon completion of requirements as determined by the Director.

  (d) The Director shall also notify all towns annually of any new approaches that the Division of Property Valuation and Review is aware of for obtaining or performing mass reappraisals and for grand list maintenance.

  (e) A sum not to exceed $100,000.00 each year shall be paid from the Education Fund to the Division of Property Valuation and Review for the purpose of providing assessment education for municipal listers and assessors. The Director is authorized to establish guidelines and requirements for education programs to be provided using the funds described in this section. Education programs provided using funds described in this section shall be provided at no cost or minimal cost to the municipal listers and assessors. In addition to providing the annual education programs described in this section, up to 20 percent of the amount available for education programs may be reserved as a scholarship fund to permit municipal listers and assessors to attend national programs providing education opportunities on advanced assessment topics. All applications for scholarships shall be submitted to and approved by the Director. (Added 2005, No. 38, § 3, eff. June 2, 2005; amended 2013, No. 174 (Adj. Sess.), § 15, eff. June 4, 2014; 2015, No. 57, § 39, eff. June 11, 2015; 2023, No. 68, § 6, eff. July 1, 2023.)

• Subchapter 003: Statistical Information

• § 3461. Report by village clerk

  Annually, on or before July 15, school and fire district clerks and clerks of incorporated villages shall make and deliver to the town clerk a statement of taxes assessed by such districts and villages during the year ending June 30 preceding, giving the amount of the grand list, the rate per dollar, and the amount of taxes assessed in such districts and villages.

• § 3462. Repealed. 2001, No. 63, § 283(c).

• § 3463. Repealed. 2009, No. 33, § 83(m)(7).

• § 3464. Failure to file reports

  An appraiser; town, school, or fire district clerk; or county treasurer who fails to perform the duties imposed upon him or her by this subchapter shall be fined $20.00.

• § 3465. Public records; CAPTAP

  Notwithstanding any provision to the contrary in 1 V.S.A. § 317, section 3102 of this title, this chapter, or any other provision of law, information maintained by the Division of Property Valuation and Review obtained from local governments participating in the Computer Assisted Property Tax Administration Program (CAPTAP) shall be public records subject to public inspection and copying under 1 V.S.A. chapter 5, subchapter 3. (Added 1985, No. 242 (Adj. Sess.), § 312; amended 2003, No. 158 (Adj. Sess.), § 3.)

• Subchapter 004: Miscellaneous

• § 3481. Definitions

  The following definitions shall apply in this Part and chapter 101 of this title, pertaining to the listing of property for taxation:

  (1)(A) “Appraisal value” shall mean, with respect to property enrolled in a use value appraisal program, the use value appraisal as defined in subdivision 3752(12) of this title, multiplied by the common level of appraisal, and with respect to all other property, except for owner-occupied housing identified in subdivision (C) of this subdivision (1), the estimated fair market value. The estimated fair market value of a property is the price that the property will bring in the market when offered for sale and purchased by another, taking into consideration all the elements of the availability of the property, its use both potential and prospective, any functional deficiencies, and all other elements such as age and condition that combine to give property a market value. Those elements shall include the effect of any State or local law or regulation affecting the use of land, including 10 V.S.A. chapter 151 or any land capability plan established in furtherance or implementation thereof, rules adopted by the Department of Health, and any local or regional zoning ordinances or development plans. In determining estimated fair market value, the sale price of the property in question is one element to consider, but is not solely determinative.

  (B) For residential rental property that is subject to a housing subsidy covenant or other legal restriction, imposed by a governmental, quasi-governmental, or public purpose entity, on rents that may be charged, fair market value shall be determined by an income approach using the following elements:

  (i) market rents with utility allowance adjustments for the geographic area in which the property is located as determined by the federal office of Housing and Urban Development or in the case of properties authorized under 42 U.S.C. § 1437, 12 U.S.C. § 1701q, 42 U.S.C. § 1485, 12 U.S.C. § 1715z-1, 42 U.S.C. § 1437f, and 24 CFR Part 882 Subpart D and E, the higher of contract rents (meaning the amount of federal rental assistance plus any tenant contribution) and HUD market rents;

  (ii) actual expenses incurred with respect to the property that shall be provided by the property owner in a format acceptable to the Commissioner and certified by an independent third party, such as a certified public accounting firm or public or quasi-public funding agency;

  (iii) a vacancy rate that is 50 percent of the market vacancy rate as determined by the U.S. Census Bureau with local review by the Vermont Housing Finance Agency; and

  [Subdivision (1)(B)(iv) effective until July 1, 2031; see also subdivision (1)(B)(iv) effective July 1, 2031, set out below.]

  (iv) a capitalization rate that is typical for the geographic area determined and published annually prior to April 1 by the Division of Property Valuation and Review after consultation with the Vermont Housing Finance Agency.

  [Subdivision (1)(B)(iv) effective July 1, 2031; see also subdivision (1)(B)(iv) effective until July 1, 2031, set out above.]

  (iv) a capitalization rate that is typical for the geographic area determined and published annually prior to January 1 by the Division of Property Valuation and Review after consultation with the Vermont Housing Finance Agency.

  (C) For owner-occupied housing that is subject to a housing subsidy covenant, as defined in 27 V.S.A. § 610, imposed by a governmental, quasi-governmental, or public purpose entity, that limits the price for which the property may be sold, the housing subsidy covenant shall be deemed to cause a material decrease in the value of the owner-occupied housing, and the appraisal value means not less than 60 and not more than 70 percent of what the fair market value of the property would be if it were not subject to the housing subsidy covenant. Every five years, starting in 2019, the Commissioner of Taxes, in consultation with the Vermont Housing Conservation Board, shall report to the House Committee on Ways and Means on whether the percentage of appraised value used in this subdivision (C) should be altered and the reasons for the Commissioner’s determination.

  (D)(i) For real and personal property comprising a renewable energy plant generating electricity from solar power, except land and property that is exempt under subdivision 3802(17) of this title, the appraisal value shall be determined by an income capitalization or discounted cash flow approach that includes the following:

  (I) an appraisal model identified and published by the Director employing appraisal industry standards and inputs;

  (II) a discount rate determined and published annually by the Director;

  (III) the appraisal value shall be 70 percent of the value calculated using the model published by the Director based on an expected 25-year project life and shall be set in the grand list next lodged after the plant is commissioned and each subsequent grand list for the lesser of the remaining life of the project or 25 years;

  (IV) for the purposes of calculating appraisal value for net metered systems receiving a credit specified in 30 V.S.A. § 219a(h)(1)(K), the model used to calculate value will not incorporate a factor for electricity rate escalation; and

  (V) for plants operating as a net-metered system as described in 30 V.S.A. § 219a with a capacity of 50 kW or greater, the plant capacity used to determine value in the model shall be reduced by 50 kW and the appraisal value shall be calculated only on additional capacity in excess of 50 kW.

  (ii) The owner of a project shall respond to a request for information from the municipal assessing officials by returning the information sheet describing the project in the form specified by the Director not later than 45 days after the request for information is sent to the owner. If the owner does not provide a complete and timely response, the municipality shall determine the appraisal value using the published model and the best estimates of the inputs to the model available to the municipality at the time, and the provisions of section 4006 of this title shall apply to the information form in the same manner as if the information form were an inventory as described in that section. Nothing in this subdivision (1)(D) shall affect the availability of the exemption set forth in the provisions of section 3845 of this title or availability of a contract under the provisions of 24 V.S.A. § 2741.

  (E) For real and personal property comprising an energy storage facility, except land and property that is exempt under subdivision 3802(19) of this title, the appraisal value shall be $0.25 per kWh of plant energy rating.

  (2) “Listed value” shall be an amount equal to 100 percent of the appraisal value. The ratio shall be the same for both real and personal property. (Amended 1959, No. 175, eff. Jan. 1, 1960; 1965, No. 126, § 1, eff. Jan. 1, 1967; 1973, No. 85, § 11, eff. July 1, 1973; 1977, No. 105, § 6; 1995, No. 178 (Adj. Sess.), § 285; 1997, No. 60, § 64, eff. June 26, 1997; 2005, No. 38, § 1; 2005, No. 75, § 6; 2007, No. 81, § 10; 2013, No. 174 (Adj. Sess.), §§ 27, 54, eff. Jan. 1, 2015; 2017, No. 154 (Adj. Sess.), § 10, eff. May 21, 2018; 2021, No. 54, § 19; 2023, No. 53, § 129, eff. June 8, 2023; 2025, No. 91 (Adj. Sess.), § 128, eff. April 30, 2026; 2025, No. 164 (Adj. Sess.), § 26, eff. July 1, 2031.)

• § 3482. Property listed at one percent [Effective until July 1, 2031; see also § 3482 effective July 1, 2031, set out below]

  Except as otherwise provided, all real and personal estate shall be set in the list at one percent of its listed value on April 1, of the year of its appraisal.

• § 3482. Property listed at one percent [Effective July 1, 2031; see also § 3482 effective until July 1, 2031, set out above]

  Except as otherwise provided, all real and personal estate shall be set in the list at one percent of its listed value on January 1, of the year of its appraisal. (Amended 2025, No. 164 (Adj. Sess.), § 27, eff. July 1, 2031.)

• § 3483. False statement, perjury

  A person who willfully swears falsely or who willfully makes a false statement under the pains and penalties of perjury in violation of any of the provisions of this Part shall be guilty of perjury and punished accordingly.

• § 3484. Furnishing names to listers

  (a) On application of a lister in the performance of his or her duties, keepers of hotels, boarding, and dwelling houses shall give the names of all persons residing in their respective houses. When such keeper refuses to give such information, or knowingly gives false information, he or she shall be fined $10.00.

  (b) On application of a lister in the performance of his or her duties, a person who refuses to give the names of the persons in his or her employ or knowingly gives false information shall be fined $10.00.

• § 3485. Records to be kept relating to deeds and mortgages

  [Subsection (a) effective until July 1, 2031; see also subsection (a) effective July 1, 2031, set out below.]

  (a) Annually on April 1, town clerks shall furnish the listers with copies of the property tax returns filed by the clerk under section 9610 of this title relating to deeds that were filed for record during the year ending on the first day of such month. However, upon request in writing by the listers, on or before the 15th day of each month, town clerks shall furnish the listers with copies of the property transfer tax returns to deeds that were filed for record during the next preceding calendar month.

  [Subsection (a) effective July 1, 2031; see also subsection (a) effective until July 1, 2031, set out above.]

  (a) Annually on January 1, municipal clerks shall furnish the listers with copies of the property tax returns filed by the clerk under section 9610 of this title relating to deeds that were filed for record during the year ending on the first day of such month. However, upon request in writing by the listers, on or before the 15th day of each month, municipal clerks shall furnish the listers with copies of the property transfer tax returns to deeds that were filed for record during the next preceding calendar month.

  [Subsection (b) effective until July 1, 2031; see also subsection (b) effective July 1, 2031, set out below.]

  (b) Failure on the part of the town clerk to furnish the copies required under subsection (a) of this section shall not render the town liable in damages to any person. A town clerk who willfully fails to furnish the copies required under subsection (a) of this section shall be fined $10.00 for each offense.

  [Subsection (b) effective July 1, 2031; see also subsection (b) effective until July 1, 2031, set out above.]

  (b) Failure on the part of the municipal clerk to furnish the copies required under subsection (a) of this section shall not render the town liable in damages to any person. A municipal clerk who willfully fails to furnish the copies required under subsection (a) of this section shall be fined $10.00 for each offense. (Amended 1959, No. 21, eff. March 6, 1959; 1995, No. 109 (Adj. Sess.), § 2; 2021, No. 105 (Adj. Sess.), § 512, eff. July 1, 2022; 2025, No. 164 (Adj. Sess.), § 28, eff. July 1, 2031.)

• § 3486. Repealed. 1971, No. 41, § 2, eff. April 7, 1971.