The Vermont Statutes Online
The Statutes below include the actions of the 2024 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.
Title 32 : Taxation and Finance
Chapter 123 : How, Where, and to Whom Property Is Taxed
Subchapter 004 : STATE PAYMENT IN LIEU OF PROPERTY TAXES
(Cite as: 32 V.S.A. § 3701)-
§ 3701. Definitions
As used in this subchapter:
(1) “State-owned property” means
(A) State-owned buildings, including buildings of the Vermont State Colleges that are tax-exempt under 16 V.S.A. § 2178; buildings of the University of Vermont and State Agricultural College used for educational and not commercial purposes; and buildings of the Agency of Transportation and the Department of the Military; but excluding the value of land on which the buildings are located, and excluding all highways and bridges and any land pertaining to them; and
(B) State-owned lands that pertain to State correctional facilities.
(2) “Assessed value of State buildings” means the estimation of the current cost of replacing a building, maintained for insurance purposes by the State agency or other entity responsible for insuring the building, depreciated by the age and condition of the building.
(3) “Assessed value of State lands” means the fair market value of lands that pertain to State correctional facilities, as determined by the Division of Property Valuation and Review, subject to the provision of subsection 3704(b) of this title.
(4) “Adjusted municipal grand list” means the total assessed value of any State-owned property located in a municipality, multiplied by the common level of appraisal for the municipality as determined by the Division of Property Valuation and Review, multiplied by one percent, and added to the grand list of the municipality as determined pursuant to chapter 129 of this title.
(5) “Adjusted municipal tax rate” means the total sum of money voted by a municipality for all noneducational expenses pursuant to 17 V.S.A. § 2664 or 24 V.S.A. § 1309, divided by the adjusted municipal grand list of the municipality.
(6) “Municipality” means an incorporated city, town, village, or unorganized town, grant, or gore in which a tax is assessed for noneducational purposes. (Added 1997, No. 60, § 53; amended 1997, No. 71 (Adj. Sess.), §§ 23, 24, eff. July 1, 1997; 1999, No. 1, § 106a, eff. March 31, 1999; 2005, No. 207 (Adj. Sess.), § 7; 2021, No. 105 (Adj. Sess.), § 515, eff. July 1, 2022.)
