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
005
:
TAXATION
(Cite as: 24 App. V.S.A. ch. 103, § 503)
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§ 503. Fair market value of real estate
(a) In the event that the fair market value of real estate is materially changed because
of total or partial destruction of or damage to the property, or because of alterations,
additions, or other capital improvements, the taxpayer may appeal as provide by law.
(b) When the fair market value of real estate is finally determined by appeal to the Board
of Listers or to the Board of Civil Authority, then the value so fixed shall be the
fair market value of such real estate for the year in which the appeal is taken.
(c) When the fair market value of real estate is finally determined by the Director of
Property Valuation and Review (PVR) or by a court having jurisdiction, then the value
so fixed shall be the fair market value of such real estate for the year for which
such appeal is taken and for the ensuing two years, unless the taxpayer’s property
is altered materially, is damaged, or if the Town in which it is located has undergone
a complete revaluation of all taxable real estate, in the event of which, such fair
market value may be changed. (Amended 2019, No. M-8, § 1, eff. June 10, 2019.)