Vermont § 322 - Tax stabilization contract

§ 322. Tax stabilization contract

• (a) The City Council shall have the authority to enter into a contract with owners, lessees,
  bailees, or operators of agricultural, industrial, residential, or commercial real
  property for the purpose of: (1) fixing and maintaining the valuation of such property on the grand list; (2) fixing and maintaining the rate or rates of tax applicable to such property; (3) fixing the amount in money that shall be paid as an annual tax upon such property;
  or (4) fixing the tax applicable to such property at a percentage of the annual tax. (b) The authority to enter into such contract shall be by vote of two-thirds of those
  present and voting at an annual or special meeting warned for that purpose for a contract
  relating to agricultural, commercial, residential, or industrial real property. (c) The voters may provide general authority to the City Council to enter into such contracts
  as application is made or provide limited authority to the City Council to negotiate
  contracts that shall be effective upon ratification by a majority of those present
  and voting at an annual or special meeting warned for that purpose. (d) Any contract entered into pursuant to this section: (1) shall be for a period not in excess of 10 years; (2) shall be filed with the City Clerk and shall be available for public inspection; (3) may be with existing or new owners, lessees, bailees, or operators of such property
  or with persons who intend to become owners, lessees, bailees, or operators of such
  property; and (4) may be applicable to existing agricultural property; renovations of or additions to
  existing agricultural, commercial, residential, or industrial real property; or to
  new agricultural, commercial, residential, or industrial real property. (Amended 2005, No. M-7, § 3.)