Vermont § 3701 - Definitions As used in this subchapter:

§ 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