Vermont § 3871 - Exemption [Repealed effective July 1, 2037]

§ 3871. Exemption [Repealed effective July 1, 2037]

• (a) Value increase exemption. An increase in the appraisal value of a qualifying property due to qualifying improvements
  shall be exempted from property taxation pursuant to this subchapter by fixing and
  maintaining the taxable value of the qualifying property at the property’s grand list
  value in the year immediately preceding any qualifying improvements. A decrease in
  appraisal value of a qualifying property due to damage or destruction from fire or
  act of nature may reduce the qualifying property’s taxable value below the value fixed
  under this subsection. (b) State education property tax exemption. The appraisal value of qualifying improvements to qualifying property shall be exempt
  from the State education property tax imposed under chapter 135 of this title as provided
  under this subchapter. The appraisal value exempt under this subsection shall not
  be exempt from municipal property taxation unless the qualifying property is located
  in a municipality that has voted to approve an exemption under subsection (c) of this
  section. (c) Municipal property tax exemption. If the legislative body of a municipality by a majority vote recommends, the voters
  of a municipality may, at an annual or special meeting warned for that purpose, adopt
  by a majority vote of those present and voting an exemption from municipal property
  tax for the value of qualifying improvements to qualifying property exempt from State
  property taxation under subsection (b) of this section. The municipal exemption shall
  remain in effect until rescinded in the same manner the exemption was adopted. Not
  later than 30 days after the adjournment of a meeting at which a municipal exemption
  is adopted or rescinded under this subsection, the town clerk shall report to the
  Director of Property Valuation and Review and the Agency the date on which the exemption
  was adopted or rescinded. (d) Exemption period. (1) An exemption under this subchapter shall start in the first property tax year immediately
  following the year in which an application for exemption under section 3872 of this title is approved and one of the following occurs: (A) issuance of a certificate of occupancy by the municipal governing body for the qualifying
  property; or (B) the property owner’s declaration of ownership of the qualifying property as a homestead
  pursuant to section 5410 of this title. (2) An exemption under this subchapter shall remain in effect for three years, provided
  the property continues to comply with the requirements of this subchapter. When the
  exemption period ends, the property shall be taxed at its most recently appraised
  grand list value. (3) The municipal exemption period for a qualifying property shall start and end at the
  same time as the State exemption period; provided that, if a municipality first votes
  to approve a municipal exemption after the State exemption period has already started
  for a qualifying property, the municipal exemption shall only apply after the vote
  and notice requirements have been met under subsection (c) of this section and shall
  only continue until the State exemption period ends. (Added 2023, No. 181 (Adj. Sess.), § 80, eff. June 17, 2024; repealed by 2023, No. 181 (Adj. Sess.), § 82(2), eff. July 1, 2037.) § 3871. Repealed. 2023, No. 181 (Adj. Sess.), § 82(2), eff. July 1, 2037. (Added 2023, No. 181 (Adj. Sess.), § 80, eff. June 17, 2024; repealed by 2023, No. 181 (Adj. Sess.), § 82(2), eff. July 1, 2037.)