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
006
:
MUNICIPAL TAX INCREMENT FINANCING
(Cite as: 24 V.S.A. § 1903)
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§ 1903. Definitions
As used in this subchapter:
(1) “District” or “TIF” means a tax increment financing district.
(2) “Improvements” means the installation, new construction, or reconstruction of infrastructure
to benefit a municipal tax increment financing district, including utilities, transportation,
public facilities and amenities, land and property acquisition and demolition, and
site preparation.
(3) “Legislative body” means the mayor and alderboard, the city council, the selectboard,
or the president and trustees of an incorporated village, as appropriate.
(4) “Municipality” means a city, town, or incorporated village.
(5) “Original taxable value” means the total valuation as determined in accordance with
32 V.S.A. chapter 129 of all taxable real property located within the tax increment
financing district as of the creation date as set forth in section 1904 of this subchapter,
provided that no parcel within the district shall be divided or bisected by the district
boundary.
(6) “Related costs” means expenses incurred and paid by the municipality, exclusive of
the actual cost of constructing and financing improvements, that are directly related
to the creation and implementation of a municipal tax increment financing district,
including reimbursement of sums previously advanced by the municipality for those
purposes, direct municipal expenses such as departmental or personnel costs related
to creating or administering the project, and audit costs allocable to the district. (Added 2017, No. 69, § J.7, eff. June 28, 2017.)