Vermont § 5405 - Determination of equalized education property tax grand list and coefficient of dispersion

§ 5405. Determination of equalized education property tax grand list and coefficient of dispersion

• (a) Annually, on or before April 1, the Commissioner shall determine the equalized education
  property tax grand list and coefficient of dispersion for each municipality in the
  State; provided, however, that for purposes of equalizing grand lists pursuant to
  this section, the equalized education property tax grand list of a municipality that
  establishes a tax increment financing district shall include the fair market value
  of the property in the district and not the original taxable value of the property,
  and further provided that the unified towns and gores of Essex County may be treated
  as one municipality for the purpose of determining an equalized education property
  grand list and a coefficient of dispersion, if the Director determines that all such
  entities have a uniform appraisal schedule and uniform appraisal practices. (b) The sum of all municipal equalized education property tax grand lists shall be the
  equalized education property tax grand list for the State. (c) In determining the fair market value of property that is required to be listed at
  fair market value, the Commissioner shall take into consideration those factors required
  by section 3481 of this title. The Commissioner shall value property as of April 1 preceding the determination
  and shall take account of all homestead declaration information available before October
  1 each year. (d) Any determination of fair market value made by the Commissioner under this section
  shall be based upon such methods as, in the judgment of the Commissioner and in view
  of the resources available for that purpose, shall be appropriate to support that
  determination. If the common level of appraisal is calculated using the weighted mean
  of ratios, any outlier shall be carefully reviewed and deleted if it will significantly
  affect the weighted mean, particularly if the outlier is a high-value property. (e) Individual appraisals performed by the Division of Property Valuation and Review may
  be used to supplement actual sales when necessary to obtain a representative sample. (f) Within the limits of the resources available for that purpose, the Commissioner may
  employ such individuals, whether on a permanent, temporary, or contractual basis,
  as shall be necessary, in the judgment of the Commissioner, to aid in the performance
  of duties under this section. The Commissioner shall pay each municipality the sum
  of $1.00 per grand list parcel in the municipality for services provided to the Commissioner
  in connection with the performance of duties under this section. Each municipality
  shall deposit payments received under this subsection into a special fund that shall
  be used to support the preparation of the education property tax grand list. [Subsection (g) effective until contingency met; see also subsection (g) effective
  July 1, 2028 if contingency met, set out below.] (g) The Commissioner shall provide to municipalities for the front of property tax bills
  the district homestead property tax rate before equalization, the nonresidential tax
  rate before equalization, and the calculation process that creates the equalized homestead
  and nonhomestead tax rates. The Commissioner shall further provide to municipalities
  for the back of property tax bills an explanation of the common level of appraisal,
  including its origin and purpose. [Subsection (g) effective July 1, 2028 if contingency met; see also subsection (g)
  effective until contingency met, set out above.] (g) The Commissioner shall provide to municipalities for the front of property tax bills
  the statewide education tax rate before equalization and the calculation process that
  creates the equalized homestead and nonhomestead tax rates. The Commissioner shall
  further provide to municipalities for the back of property tax bills an explanation
  of the common level of appraisal, including its origin and purpose. (Added 1997, No. 60, § 45, eff. Jan. 1, 1998; amended 1999, No. 49, §§ 19, 49, eff. June 2, 1999; 2003, No. 68, §§ 41, 85, eff. June 18, 2003; 2003 No. 68, § 85, eff. for fiscal year 2005; 2003, No. 76 (Adj. Sess.), § 1, eff. Feb. 17, 2004; 2003, No. 76 (Adj. Sess.), § 28, eff. Jan. 1, 2004; 2009, No. 160 (Adj. Sess.), § 14, eff. June 4, 2010; 2013, No. 73, § 39, eff. June 5, 2013; 2019, No. 51, § 27; 2019, No. 175 (Adj. Sess.), § 3, eff. Oct. 8, 2020; 2021, No. 20, § 268; 2025, No. 73, § 50, contingently eff. July 1, 2028.)