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
004
:
TAXATION
(Cite as: 24 App. V.S.A. ch. 3, § 81)
-
§ 81. Tax classification; repeal of inventory tax
(a) Except for the property of utilities subject to the provisions of 30 V.S.A. chapter
3, all personal and real property set out in the grand list that is not used as residential
property, farmland, and vacant land zoned “recreation, conservation and open space
(RCO)”, shall be classified as nonresidential property and shall be assessed at 120
percent of fair market value; and further provided that inventories and personal property
belonging to an owner whose total personal property does not exceed the fair market
value of $45,000.00 shall no longer be set out in the grand list of the City as taxable
personal estate. Additionally, every owner whose total personal property does exceed
the fair market value of $45,000.00 shall be taxed only on the amount of that property
that exceeds $45,000.00. The amount of the exemption may be increased by the City
Council prior to approval of the next fiscal year’s budget. Properties upon which
in-lieu-of-tax payments are made shall be likewise classified and assessed for the
purposes of such payments. The tax on nonresidential personal property shall be eliminated
effective July 1, 2026, or sooner by resolution of the City Council.
(b) For the purposes of this section, “residential property” is hereby defined to include
all property used for dwelling purposes including accessory property that is subordinate
to or customarily incidental to the main residential use such as garages and outbuildings.
Where a property is used for both residential and nonresidential purposes, then it
shall be apportioned according to such uses and then classified and assessed as herein
provided. Notwithstanding the foregoing, for the sole purpose of calculating the educational
grand list and for the assessment of property taxes for education purposes under Act
60, so-called, as the same may be amended from time to time, all nonresidential properties
as above defined shall be assessed at 100 percent of fair market value. (Amended 1999, No. M-9, § 2, eff. June 1, 1999; 2011, No. M-12 (Adj. Sess.), § 2, eff. May 3, 2012; 2019, No. M-6, § 2, eff. May 23, 2019.)