Vermont § 8322 - Subsequent appraisals

§ 8322. Subsequent appraisals

• (a) When, subsequent to the date whereon such appraisals are required to be made, trains,
  other than construction trains, commence running on a railroad located in whole or
  in part within this State or on any extension or branch of a railroad theretofore
  appraised, on or before December 31 in the year in which such trains so commence running,
  the Commissioner shall appraise such railroad, extension, or branch in the manner
  hereinbefore provided for appraising such property. (b) When, subsequent to the time thereof appraisals are required to be made in an even
  year, a person or corporation operating a railroad constructs, acquires, or begins
  to use one or more electric power plants subject to the appraisal under the provisions
  of article 4 of this subchapter, the Commissioner shall, on or before December 31
  in the year in which such plant was constructed, acquired, or first used in whole
  or in part for railroad purposes, appraise such plants in the manner hereinbefore
  provided for appraising such property. (c) If, during the period between the appraisals, extensive repairs, improvements, or
  additions through acquisition or new construction have been made to the property of
  a railroad operating in this State, or if during such period there has been a large
  depreciation in the value of the property of such a railroad by reason of fire, flood,
  or other accident or disaster, or by reason of abandonment of lines or tracks, on
  or before December 31 in any odd year, the Commissioner may increase or decrease the
  amount of the last appraisal as he or she deems just. Notice of such action of the
  Commissioner, shall be given, and a party aggrieved thereby may appeal in the manner
  provided in respect to the regular biennial appraisals, and the taxes payable on or
  before October 15 next following and thereafter, until a new appraisal becomes effective,
  shall be based on such increased or decreased appraisal. (Amended 1997, No. 156 (Adj. Sess.), § 13, eff. April 29, 1998.)