The Vermont Statutes Online

Title 32 : Taxation and Finance

Chapter 125 : Exemptions

Subchapter 003 : NEW CONSTRUCTION OR REHABILITATION IN FLOOD-IMPACTED COMMUNITIES [REPEALED EFFECTIVE JULY 1, 2037]

• § 3872. Administration and certification [Repealed effective July 1, 2037]

  (a) To be eligible for exemption under this subchapter, a property owner shall:

  (1) submit an application to the Agency of Commerce and Community Development in the form and manner determined by the Agency, including certification by the property owner that the property and improvements qualify for exemption at the time of application and annually thereafter until the exemption period ends; and

  (2) the certification shall include an attestation under the pains and penalties of perjury that the property will be used in the manner provided under this subchapter during the exemption period, including occupancy of dwellings as principal residences and not as short-term rentals as defined under 18 V.S.A. § 4301(a)(14), and that the property owner will either provide alternative housing for tenants at the same rent or that the property has been unoccupied either by a tenant’s choice or for 60 days prior to the application. A certification by the property owner granted under this subdivision shall:

  (A) be coextensive with the exemption period;

  (B) require notice to the Agency of the transfer or assignment of the property prior to transfer, which shall include the transferee’s or assignee’s full names, phone numbers, and e-mail and mailing addresses;

  (C) require notice to any prospective transferees or assignees of the property of the requirements of the exemption under this subchapter; and

  (D) require a new certification to be signed by the transferees or assignees of the property.

  (b) The Agency shall establish and make available application forms and procedures necessary to verify initial and ongoing eligibility for exemption under this subchapter. Not later than 60 days after receipt of a completed application, the Agency shall determine whether the property and any proposed improvements qualify for exemption and shall issue a written decision approving or denying the exemption. The Agency shall notify the property owner, the municipality where the property is located, and the Commissioner of Taxes of its decision.

  (c) If the property owner fails to use the property according to the terms of the certification, the Agency shall, after notifying the property owner, determine whether to revoke the exemption. If the exemption is revoked, the Agency shall notify the property owner, the municipality where the property is located, and the Commissioner of Taxes. Upon notification of revocation, the Commissioner shall assess to the property owner:

  (1) all State and municipal property taxes as though no exemption had been approved, including for any exemption period that had already begun; and

  (2) interest pursuant to section 3202 of this title on previously exempt taxes.

  (d) No new applications for exemption shall be approved pursuant to this subchapter after December 31, 2027. (Added 2023, No. 181 (Adj. Sess.), § 80, eff. June 17, 2024; repealed by 2023, No. 181 (Adj. Sess.), § 82(2), eff. July 1, 2037.)