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
001
:
SUBJECTS AND MANNER OF TAXATION
(Cite as: 32 V.S.A. § 3621)
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§ 3621. Petroleum and natural gas infrastructure
For purposes of the statewide education property tax in chapter 135 of this title,
the Director shall determine the appraised value of all property and fixtures composing
and underlying a petroleum or natural gas facility, petroleum or natural gas transmission
line, or petroleum or natural gas distribution line located entirely within this State.
The Director shall value such property at its fair market value, an assessment it
shall reach by the cost approach to value by employing an actual cost-based methodology,
adjusting that actual cost using a cost factor from industry-specific inflation indexes,
and depreciating the resulting present cost using a depreciation schedule based on
the property’s estimated remaining life; provided, however, that after the property
has been depreciated to 30 percent of its present cost or less, exclusive of salvage
value, the property shall be appraised at 30 percent of its cost. The Director shall
inform the local assessing officials of his or her appraised value under this section
on or before May 1 of each year, and the local assessing officials shall use the Director’s
appraised value for purposes of assessing and collecting the statewide education property
tax under chapter 135 of this title. (Added 2013, No. 174 (Adj. Sess.), § 32, eff. Jan. 1, 2015.)