The Vermont Statutes Online
The Statutes below include the actions of the 2025 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
Subchapter
003
:
INDUSTRIAL PARKS, SPECULATIVE BUILDINGS, AND SMALL BUSINESS INCUBATOR FACILITIES
(Cite as: 10 V.S.A. § 236)
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§ 236. Taxes
(a) While a part of a building or industrial park owned by a local development corporation
and subject to a mortgage to the Authority or the State of Vermont under this subchapter
remains unoccupied, that portion that remains unoccupied shall be exempt from all
taxes and special assessments of the State or a municipality. Instead of taxes, payments
shall be made by the local development corporation to the municipality in which the
speculative building or industrial park is located for highway maintenance, fire protection,
or for other services.
(b) Any property to which the Authority holds title by reason of foreclosure upon a mortgage
or other security given by a local development corporation in connection with a loan
made under this subchapter, or voluntary conveyance in lieu thereof, shall, as long
as it is not leased or rented, be exempt from all taxes and special assessments of
the State and all local municipal property taxes for the remaining balance of the
tax year in which title becomes vested in the Authority and the entire next succeeding
year, provided however, that thereafter the Authority shall pay 50 percent of the
local municipal property taxes annually assessed against such property during the
term of the Authority’s ownership. (Added 1973, No. 197 (Adj. Sess.), § 1; amended 1977, No. 52, § 9, eff. April 22, 1977; 1981, No. 54, § 14, eff. April 28, 1981.)