Vermont § 3481 - Definitions The following definitions shall apply in this Part and chapter 101 of this title, pertaining to the listing of property for taxation:
Full text of Vermont Vermont Statutes Online § 3481 — Definitions The following definitions shall apply in this Part and chapter 101 of this title, pertaining to the listing of property for taxation:, with citation guidance and answers to common questions.
§ 3481. Definitions The following definitions shall apply in this Part and chapter 101 of this title, pertaining to the listing of property for taxation:
- (1)(A) “Appraisal value” shall mean, with respect to property enrolled in a use value appraisal
program, the use value appraisal as defined in subdivision 3752(12) of this title, multiplied by the common level of appraisal, and with respect to all other property,
except for owner-occupied housing identified in subdivision (C) of this subdivision
(1), the estimated fair market value. The estimated fair market value of a property
is the price that the property will bring in the market when offered for sale and
purchased by another, taking into consideration all the elements of the availability
of the property, its use both potential and prospective, any functional deficiencies,
and all other elements such as age and condition that combine to give property a market
value. Those elements shall include the effect of any State or local law or regulation
affecting the use of land, including 10 V.S.A. chapter 151 or any land capability plan established in furtherance or implementation thereof,
rules adopted by the Department of Health, and any local or regional zoning ordinances
or development plans. In determining estimated fair market value, the sale price of
the property in question is one element to consider, but is not solely determinative. (B) For residential rental property that is subject to a housing subsidy covenant or other
legal restriction, imposed by a governmental, quasi-governmental, or public purpose
entity, on rents that may be charged, fair market value shall be determined by an
income approach using the following elements:
Source: official Vermont text · Last verified 2026-08-27
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Section 3481 ("Definitions The following definitions shall apply in this Part and chapter 101 of this title, pertaining to the listing of property for taxation:") is part of the Vermont Statutes Online, the codified statutory law of Vermont. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
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Sources & Verification
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