Vermont § 502 - Fair market value of real estate
Full text of Vermont Vermont Statutes Online § 502 — Fair market value of real estate, with citation guidance and answers to common questions.
§ 502. Fair market value of real estate
- (a) In the event that the fair market value of real estate is materially changed because
of total or partial destruction of or damage to the property or because of alterations,
additions, or other capital improvements, the taxpayer may appeal as provided by law. (b) When the fair market value of real estate is finally determined by appeal to the Board
of Civil Authority, then the value so fixed shall be the fair market value of the
real estate for the year in which the appeal is taken. (c) When the fair market value of real estate is finally determined by the Director of
Property Valuation and Review (PVR) or by a court having jurisdiction, then the value
so fixed shall be the fair market value of the real estate for the year for which
such appeal is taken and for the ensuing two years unless the taxpayer’s property
is altered materially; is damaged; or if the Town in which it is located has undergone
a complete revaluation of all taxable real estate, in the event of which, such fair
market value may be changed. (Added 2023, No. M-27 (Adj. Sess.), § 2, eff. May 30, 2024.)
Source: official Vermont text · Last verified 2026-08-27
Frequently Asked Questions About Vermont § 502
What does Vermont Statutes Online § 502 cover?
Section 502 ("Fair market value of real estate") 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.
How do I cite Vermont § 502?
A common citation format is "Vermont Statutes Online § 502" (Vermont). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Vermont law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Vermont official source linked on this page or consult a licensed Vermont attorney.
How does Vermont § 502 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Vermont can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Vermont.